Xinjiang Goldwind Science and Technology Co., the No. 1 wind turbine maker, just reported a 98% slump in third-quarter profits. The head of Longi Green Energy Technology Co., the top solar manufacturer, said on Tuesday that panel prices were at “irrationally” low levels.
The biggest manufacturers of wind turbines and solar panels are facing their most serious financial challenges in years even as deployments of clean energy head for an annual record.
About 500 gigawatts of renewable generation capacity will be added this year, according to the International Energy Agency, and at least US$1 billion a day is being spent on new solar additions alone. Yet companies in the sector are being squeezed by volatile costs, snarled projects, high interest rates and — in the solar sector — a rush to add new capacity that’s overwhelmed demand.
