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Solar Companies in India face Hard Times – Executive Departures, Debt Restructuring

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Solar Companies around the world are facing hard times with bankruptcies galore. Not only hundreds of small installers, erstwhile behemohts like Q-Cells have defaulted on debt and declared bankruptcy. So its not a great surprise that Indian solar companies which were never very competitive anyway are facing equally bad times. The biggest and oldest solar panel companies like Moser Baer and Tata BP Solar are facing survival questions. These companies have seen departure of top executives and are looking for CDR resolutions . Moser Baer which had invested hundreds of millions in investments into crystalline silicon and thin film solar is having difficulty in paying back its debt. The stock price has cratered to almost nothing as well. The company which had invested into exotic solar technologies as well as the mainstream has managed to fail everywhere . The company had even invested in a polysilicon startup as well as concentrated solar power technologies. It shut down its thin film equipment plant a year ago as Applied Materials the equipment supplier itself got out of the business. The company is now mainly into the EPC business . Other companies like Indosolar are also looking like a write-off. When the biggest solar panel companies like Suntech are themselves in such trouble,its a surprise that these companies are managing to produce anything at all.

 Moser Baer India Ltd. (MBI), the nation’s biggest solar manufacturer, plans to restructure $738 million of loans and bonds as it jostles to survive a supply glut that has claimed at least 10 U.S., German and French panel makers.

The company expects to reach an agreement with banks to restructure 35 billion rupees ($646 million) of secured debt by August and may sell new five-year bonds to pay off dollar- convertible notes maturing in June, Chief Financial Officer Yogesh Mathur said in a phone interview from New Delhi. Its 2013 zero-coupon bond is trading at 35 cents on the dollar.



Sneha Shah

I am Sneha, the Editor-in-chief for the Blog. We would be glad to receive suggestions, inputs & comments on GWI from you guys to keep it going! You can contact me for consultancy/trade inquires by writing an email to

One Response so far | Have Your Say!


    Vivid Scanning. Good. Like it. Thanks.