WASHINGTON--(BUSINESS WIRE)--Recent announcements highlight the significant capital that state-supported Qatar Solar Technologies (QSTec) has invested in SolarWorld. The news of SolarWorld’s restructuring follows earlier reports that QSTec purchased a 29% stake in the floundering German company. In response, Jigar Shah, President of the Coalition for Affordable Solar Energy (CASE) issued following statement:
"The Coalition for Affordable Solar Energy (CASE) calls on SolarWorld to explain its investment from government-backed Qatari company Qatar Solar Technologies (QSTec). As announced this week, QSTec provided capital for the struggling German company’s restructuring – a company whose only leverage in the market is a complaint that has the potential to cripple the U.S. solar industry. As U.S. economic interests hang in the balance between two foreign companies, SolarWorld and QSTec should explain how the latter’s investment makes any sense other than as an effort to undermine renewable energy deployment in the United States."
As one solar industry news source highlighted last week, it seems that "SolarWorld is much more of a Qatar company than an American one." Is this a Qatar-China trade dispute, or is there some other reason why QSTec is putting capital toward slowing the growth of the U.S. solar industry?
About the Coalition for Affordable Energy (CASE):
CASE is a 501(c)4 organization whose purpose is to educate the Administration, Congress, the American solar industry and the public about the impact of protectionism on the affordability of solar energy and the American workforce. Its primary focus is to show decision, policy, and opinion-makers that the majority of pro-solar Americans opposes the SolarWorld petition, as it will result in the denial of affordable solar energy to a nation whose demand for clean and renewable energy is higher than ever before.