Two More Stimulus-Backed Solar Companies Announce Layoffs

A pair of foreign-owned solar companies that benefited from a combined $84 million in Energy Department tax credits have announced they will lay off employees.

One of the companies, German-owned SolarWorld, was integral in the fight for tariffs against the importation of Chinese photovoltaic solar panels. The other, Chinese company SunTech, blamed those tariffs for its own layoffs.

Both companies benefited from the Energy Department’s stimulus-funded Advanced Energy Manufacturing (48C) Tax Credit. The 48C credit is worth up to 30% of the cost of manufacturing qualifying green energy projects.

SolarWorld received a credit worth $82 million, while SunTech’s was worth $2.1 million.

Both companies announced this week that they will shed some employees. SolarWorld, which announced a 47% revenue decline in the third quarter, blamed a potential 37 layoffs at its Oregon plant on “illegal” Chinese trade practices.

Read more at The Foundry. By Lachlan Markay.

Comments

  1. Way to go Obama! We've frittered away billions on this boondoggle!

  2. jmsmaxwell says:

    And another prime example of the lack of intelligence in Washington DC and payoffs for those who donated
    to the obama campaign. Wonder what the track record is so fare on companies that have been bailed
    out or give massive amounts of Tax Payer money that have either payed back all that they were given or
    have lasted long enough to produce something for hte consummers. I would believe that it is more of
    a reward for supporting the obama camp than actually repaying a loan or producing a producte. Just
    another example of corruption and wast in the Federal give away program at Tax Payers expense.

  3. And the real question is "Why the hell is US taxpayer money being used to subsidize foreign companies?" This is insanity…. but then, most of the green stuff is.

  4. And so the corruption goes on! WHEN the hell do we strom the White House!

  5. well what did you exspect? I for one DID NOT vote for the muslim. So DEMO'S enjoy your choice!

  6. Just as soon as the Obama administration hands over a few more billion of our tax money these companies will announce bankruptcy.

  7. Cloward and Piven, right on track. Obama the Conductor.

Speak Your Mind

Connect with Facebook

*