K. Subramanya has resigned as CEO of India’s third largest panel manufacturer, Tata BP Solar, effective May 1. No explanation was given for the resignation and Subramanya has stated he has no plans for the immediate future.
Module maker Tata BP Solar, initially a joint venture between British Petroleum and Tata Power Co, has come under increasing competitive pressure from low-cost Chinese manufacturers. Tata Power bought out BP last December, as BP closed all of its worldwide solar operations, but like US and European panel producers, has struggled to compete with Chinese manufacturers.
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Indian manufacturers are constructing more than 700MW of renewable energy capacity but the country has received very few orders, forcing the closure of numerous factories throughout India.
At least seven US and German module producers have been declared bankrupt since the price of silicon-based panels fell 47% in the past year.