Masdar PV shuts German solar panel factory
Oversupplied market forces closure by year end with 160 jobs to go.
Masdar PV has decided to close its factory in Germany by the end of the year due to the overcrowded photo-voltaic (PV) solar panel market.
In a statement on its website, the manufacturing cited the “poor economic situation of the PV industry” for the move which will affect 160 jobs at its plant in Ichterhausen, Thuringia.
Masdar PV said it had held out despite ongoing losses in the hope that market conditions would improve.
“Unfortunately, the situation has continued to deteriorate. We regret having to make this difficult decision,” said Tushita Ranchan, CEO of Masdar PV.
Masdar blamed the massive oversupply of PV solar panels for the “sharp” slump in prices which has led to the losses. It said small producers could no longer compete in the current market.
“Together with the local authorities and the Ministry of Economy, Technology and Work in Thuringia, we support our employees in finding alternative employment opportunities," added Ranchan.
Masdar PV is a subsidiary of Abu Dhabi government owned Mubadala Development Company.