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Economics Stimulus

Germany’s Green Disaster: Wave Of Solar Bankruptcies Wipes Off Almost 25 Billion Euros

Solar companies in Germany have lost 97% of their value reported Jörg Hackhausen of Handelsblatt in this article Germany’s Green Disaster: Wave Of Solar Bankruptcies Wipes Off Almost 25 Billion Euros Thursday, 12 July 2012

Centrotherm filed for bankruptcy on Wednesday.

The large German solar companies – SolarWorld, SMA Solar, Q-Cells, Conergy, Solon, Sola Millennium, Centrotherm, Phoenix Solar – have seen their value collapse by 97%.

In the U.S., the governments policies have been a disaster for Tax Payer money.

Solyndra failed last September.  Abound failed in June.

Christopher Martin and Justin Doom of Bloomberg reported in Solar Companies to Tap U.S. Funds Halted Since Solyndra that U.S. taxpayers lost $527,000,000 on Solyndra and another 40,000,000 on Abound.

They quoted Representative Mike Kelly, a Pennsylvania Republican as saying “loaning more money to solar manufacturers is “foolhardy and arrogant.””.

Fox news reported last year in Solyndra Not Sole Firm to Hit Rock Bottom Despite Stimulus Funding reported on the failures of Evergreen Solar Inc. and SpectraWatt.