As U.S. solar companies struggled, quit the business or outright failed in recent years, the blame has been the same: “We can’t compete with China;” “They manufacture panels far cheaper than us;” “They dump their cheap products in our country;” and “China understands the future of renewables and we need to catch up.”
That excuse soon won’t fool people any more, according to a London Telegraph article from Wednesday.
“China’s big five firms are all reporting disastrous trading and heavily indebted balance sheets,” the newspaper reported. “At the end of the first quarter, JA Solar listed debt and liabilities of $1.5 billion, Trina Solar had debts of $1.08 billion, and Yingli had debts of $3.44 billion.”
In addition another highly regarded company, Suntech, faces potentially huge payouts related to possible fraud and has $3.58 million in debt. The fifth company, LDK, is being kept afloat by the Chinese government …