(Bitterfeld-Wolfen, Germany) Q-Cells, formerly the world's largest maker of solar panels, will file for bankruptcy today.
The German firm says it has abandoned an attempt to refinance its debts and will file for insolvency on Tuesday.Earlier this year, government subsidies were cut for solar power production. So, as in the United States, the German solar industry cannot compete in the marketplace without massive infusion of taxpayer funds.
Like other solar panel makers, Q-Cells has been hit by falling prices and last year the firm lost 846m euros ($1.1bn; £702m).
The company started in 2001 with 19 staff and now employs more than 2,000 workers.
Several other German makers of solar equipment have failed recently including Solon, Solar Millennium and Solarhybrid.
