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Third U.S. solar company files for bankruptcy

Published by Steve Coleman on August 31, 2011

The Chinese solar panel industry has cast a cloud over American companies' plans.

A California company that received a $535 million federal loan about a year ago is filing for bankruptcy and laying off 1,100 workers.

An Associated Press story says Solyndra LLC of Fremont, CA is the third solar company to pull the plug on its operations this year.

Heavy competition from Chinese firms has helped drop the price of solar panels 42 per cent this year.
Spectrawatt Inc. of Hopewell Junction, N.Y., filed for Chapter 11 bankruptcy on Aug. 19. The CEO cited not being able to compete with manufacturers in China as the reason for their downfall.

Spectrawatt's filing came four days after Evergreen Solar Inc. of Marlboro, Mass., filed its bankruptcy papers.

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