The World's #1 Renewable Energy Network for News, Information, and Companies.
Untitled Document

First Solar to Lay Off 150 Employees in North America

Arizona-based First Solar Inc. said Monday the company is playing to lay off 150 North American workers over the next few weeks as it restructures its global operations, according to a report from The Arizona Republic.

The company has about 5,200 employees worldwide and about 1,700 employees in the U.S., a First Solar spokesperson told the Republic. Most of the employees released by the company will be in administration, saving the company about $30 million in operating expenses.

According to the Republic, First Solar has been struggling as the price of polysilicon decreases, allowing the company’s competitors to decrease the price of their solar panels. First Solar does not use the same polysilicon as its competitors, and has the least expensive solar panels on the market, according to the Republic. 

The report also states the company’s first-quarter earnings report shows a turnaround from a year ago. Profits for the first quarter of 2013 were $59 million, or 66 cents a share, compared with a loss of $449 million, or $5.20 a share, in the first quarter of 2012. The company was in the midst of restructuring in the first quarter of 2012 and incurred large expenses replacing faulty panels.

This article was originally published on Power Engineering and was republished with permission.

Lead image: Pink slips via Shutterstock

Untitled Document

RELATED ARTICLES

Welspun Commissions 52-MW Solar Power Plant in India

Vince Font Leading Indian solar developer Welspun Renewables has commissioned the construction of a massive solar plant in the state of Maharashtra. The planned 52-megawatt (MW) solar plant will be located in the city of Baramati. The...

Regional News from the July/August 2015 Digital Edition of Renewable Energy World

Renewable Energy World Editors EcoFasten Solar announced that it launched a new mounting "Rock-It System" that it would be displaying during Intersolar. Product compliance was determined through testing per UL Subject 2703, which reviews integr...

SkyPower Inks $2.2 Billion Deal for Massive Solar Power Plant in Kenya

Eric Ombok, Bloomberg Kenya’s Energy Ministry and SkyPower Global Ltd. will sign a $2.2 billion agreement on Sunday that paves the way for the Canadian company to develop a 1-gigawatt solar project in East Africa’s biggest economy. The solar pro...

Making a Match: How Solar Companies and Banks Hook Up

Jennifer Runyon The announcements are fairly frequent: SunPower Partners with Admirals Bank for $200 Million Solar Loan Program, Deutsche Bank to Lend $1 Billion for Japanese Solar Projects, Financing Partnerships Drive North Carolina's So...

CURRENT MAGAZINE ISSUE

Volume 18, Issue 4
1507REW_C11

STAY CONNECTED

To register for our free
e-Newsletters, subscribe today:

SOCIAL ACTIVITY

Tweet the Editors! @megcichon @jennrunyon

FEATURED PARTNERS



EVENTS

Presenting at Infocast's Utility Scale Solar Summit 2015

Oct. 21, 2015 4:30-5:15pm Albie Fong, National Director, Solar Frontier ...

Utility Scale Solar Summit 2015

Oct. 21, 2015 4:30-5:15pm Albie Fong, National Director, Solar Frontier ...

5th Annual Hydro Plant Maintenance

Join maintenance professionals to discuss the challenges in maintenance ...

COMPANY BLOGS

Behind Every Good Decision

When something about your business isn’t working, you set out to c...

Clean Energy Patents Maintain High Levels in First Quarter, Solar L...

U.S. patents for Clean Energy technologies from the first quarter of 201...

An Overwhelming Paradox

I’m sure we’re all very familiar with the feeling of being o...

NEWSLETTERS

Renewable Energy: Subscribe Now

Solar Energy: Subscribe Now

Wind Energy: Subscribe Now

Geothermal Energy: Subscribe Now

Bioenergy: Subscribe Now  

 

FEATURED PARTNERS