Solar power companies in China have had reason to rejoice. In March, the government thrilled the industry with a pledge to subsidise roof panels.
The announcement, made by the finance and housing ministries, sent shares of several solar companies soaring. But that enthusiasm has since waned, amid evidence that the component makers are not immune to the global recession.
Suntech, the world's largest photovoltaic module maker – which in January shed 4,000 people, or 30 per cent of its workforce – revealed last month that 30 per cent of sales in the first quarter had gone to an affiliate. The announcement gave rise to fears of swelling inventories. Suntech added that selling prices had been sliding and would continue to do so.
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