Yup.
REUTERS: Three of Europe's top renewable energy companies became the latest victims of a global collapse in prices, massive oversupply and governments slashing subsidies in light of growing debt piles, echoing recent comments from overseas peers.
SolarWorld, Q-Cells and Nordex are among the latest renewable energy companies to be hit by a mix of high inventories, slower demand and banks tightening their purses regarding wind parks.
Solar companies in particular suffered as they ramped up production last year to meet a surge in demand from Germany and Italy where customers rushed to buy solar panels before governments cut vital subsidies.
Both economies are reducing so-called feed-in tariffs to make the solar sector more productive, and subsidies and prices have been falling at a faster rate than manufacturing costs, leading Germany's renewable elite to slash their 2011 outlooks.
"Elite" is exactly right.
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