Although the bankruptcy filing of one of the country's largest solar providers has made business headlines across the country today, it is not an indicator that the solar market is in decline, according to an article from USA Today.
The company filed for Chapter 11 bankruptcy reorganization Thursday in New York, after a tumultuous period in which the company failed to deliver on energy projects it had promised and came under scrutiny for its financial reporting, the article said. While it's a dramatic development, it does not indicate that the market for solar power is in decline, an industry insider told the newspaper.
Andrew de Pass, CEO of rival solar installer Conergy, said SunEdison's bankruptcy does not reflect any broader troubles for the solar industry. He said SunEdison took on too much debt and charted an overly aggressive growth strategy.
"It has nothing to do with the state of the solar industry in the U.S. or globally," he said. "The solar industry is extremely strong."
The numbers back him up. Solar power generation in the U.S. was 23.2 million megawatt-hours, up 52% from 2014 and up 186% from 2013, according to the U.S. Energy Information Administration.
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