Q-Cells cuts profit forecast as drive for renewable energy loses power

Q-Cells, the world’s largest manufacturer of solar cells, cut its 2008 earnings forecasts yesterday, giving warning that a global recession was sapping demand for renewable energy. Anton Milner, the chief executive of the German group, said that it had been hit by a “flood” of cancellations and delays in customer orders in recent weeks as developers of solar power projects worldwide struggle to raise finance. Tumbling oil prices have also undermined the economic rationale behind renewable energy schemes.

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