TAIPEI (Taiwan News) — Inventec Solar Energy, a subsidiary of electronics manufacturer Inventec Corporation, decided to file for bankruptcy following debts totaling NT$2.2 billion (US$79.44 million), reports said Wednesday (Dec. 1).

The decision amounted to the group temporarily withdrawing from the business of making solar cells, CNA reported. The Inventec Solar Energy board planned to file for bankruptcy with the Taoyuan District Court, according to a statement by its parent company’s spokesman, Yu Chin-pao (游進寶).

The move would not influence the operations or financial position of Inventec Corp., he added. One reason for the problems was that Taiwan was not a leading power for solar energy standards, thus failing to benefit its competitive position. As Inventec Solar Energy’s assets totaled less than NT$1 billion, and its debt amounted to NT$2.2 billion, it had halted production, according to Yu.

The spokesman blamed the contraction of the solar energy business and in particular the company’s problems on rapid changes in the sector, low-price competition from overseas, and protectionism in Europe and North America.

Yu said Inventec would concentrate on other forms of green energy for the time being, though he did not exclude a return to solar power if market conditions improved.

News source: http://www.taiwannews.com.tw/en/news/4362149