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Chinese solar power firm defaults on debts

2013-03-19 09:44:00| Climate Ark Climate Change & Global Warming Newsfeed

Associated Press: Suntech, one of the world's biggest solar panel manufacturers, has defaulted on a $541m (358m) bond payment in the latest sign of the financial squeeze on the struggling global solar industry. Suntech Power Holdings' announcement was a severe setback for a company lauded by China's Communist government as a leader of efforts to make the country a centre of the renewable energy industry. Its founder, Shi Zhengrong, became one of the industry's most prominent entrepreneurs and a billionaire, only...

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