Solar exchange traded funds have been on the decline as greater competition among industry participants sends prices lower and small manufacturers out of business.
The solar sector is turning into a cutthroat industry, with one more solar panel maker biting the dust.
Solyndra, which has garnered $535 million in federal loans on top of more than $700 million in venture capital financing, has filed for bankruptcy, according to The New York Times.
The company’s bankruptcy filing follows similar circumstances as Evergreen Solar and SpectraWatt. [Solar ETFs Down Over 20% Amid Industry Shakeout]
Higher production has flooded the solar panel market, pushing prices down an average 25%. Also, foreign capacity has expanded as austerity measures in the Eurozone reduce subsidies, along with lower demand.