09 Sep '13, 2pm

Chinese Zombie Solar Companies Emerging After Years of Subsidies

Chinese Zombie Solar Companies Emerging After Years of Subsidies

BEIJING -- Only five solar-power vendors remain in a space built for 170 at a sprawling complex of offices stacked three stories high outside Xinyu city in China’s southeast. Locked doors and empty offices are what’s left of the government’s audacious plan to dominate the global solar industry. What happened in Xinyu is being replicated across China, which used subsidies and $47.5 billion of credit to wrest supremacy from Germany, Japan and the U.S., saddling an industry with losses for at least two years. “There is definitely a slew of smaller zombie companies out there that are going to continue to fall one by one,” said Angelo Zino, an analyst at S&P Capital IQ in New York. “You’ll see 10 to 12 names here when it all shakes out. The remaining names will either go bankrupt or be consolidated.” Government support created manufacturing giants such as LDK Solar Co. and Sunt...

Full article: http://www.renewableenergyworld.com/rea/news/article/2013...

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