Chinese Solar Giant Suntech To Axe Australian R&D Unit, Citing Lousy Prospects For Renewables
A giant Chinese solar energy firm, originally based on Australian technology, plans to close its local research arm amid concerns about the future of renewable energy in the country.
Suntech, founded by Australian-trained former "Sun King" billionaire Shi Zhengrong, will next month close its Suntech R&D Australia unit with the loss of about a dozen jobs. The company, now owned by a Hong Kong solar tycoon Cheng Kin Ming and renamed Wuxi Suntech, said in May it invests more than $3 million a year in Australian research and development.
"Suntech wants to continue a relationship with Australia, but it no longer makes the same sense to keep a research team [here]," Renate Egan, managing director of the Sydney-based R&D unit, said.
Dr Egan said Wuxi Suntech recently announced a plan to consolidate most research activities at its base in China. The Abbott government's signals that it will cut the national renewable energy goal also reduced confidence about future opportunities. "Clearly the market's not going to grow here," Dr Egan said, referring to large-scale projects.
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http://www.smh.com.au/environment/climate-change/solar-giant-to-close-australian-rd-unit-20140822-10758l.html