China's Solyndra: Too Many Solar Panels Leading To Huge Losses

There is a glut of Chinese solar panels, despite rising global demand, which is leading to losses for manufacturers and banks.

 

The result is a looming financial disaster, not only for manufacturers but for state-owned banks that financed factories with approximately $18 billion in low-rate loans and for municipal and provincial governments that provided loan guarantees and sold manufacturers valuable land at deeply discounted prices.