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American solar panel giant goes bust

America’s biggest solar panel manufacturer Solyndra is due to file for bankruptcy this week, because it was unable to compete with bigger rivals.

Experts say the downfall of the California-based firm is due to the drop in price of solar panels. Increased production in countries such as China has led to the drop in prices. This has worried US politicians, who have said the US is in danger of losing its leadership position in the global green economy.

“We should be doing everything possible to ensure the United States does not cede the renewable energy market to China and other countries,” said Democratic congressman Henry Waxman.

Solyndra received a $535M (£332M) US government loan in 2009 to help expand its manufacturing operations in the USA.

 

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