BP shuts down solar business in China

BP shuts down solar business in China

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Solar energy transformer manufacturers, China TBEA Co. Ltd on October 12, 2012 said that BP Plc has transferred all its equity in two solar business joint ventures to the company at zero cost. The recent move by BP, it has indicated that it is determined to walk out of the solar market in China.

The move indicates that the company’s investment in the solar business in China has failed after seven years. BP began the operation with TBEA in the year 2005 when the solar industry in China was growing rapidly. But in recent times it has been noticed, that the industry has been hit by over capacity and also the anti-subsidies and anti-dumping investigations from the United States and Europe.