LONDON (Reuters) - British oil major BP shut down the remnants of its solar unit on Wednesday, drawing a line under the business on which most of its Beyond Petroleum tagline of the early 2000s was premised.
The unit, which BP has been scaling back since 2008, is the latest sun energy business to fall victim to rampant competition from China, falling prices, overcapacity and lower government subsidies on which the industry still depends.
Solar Millennium on Wednesday became the second German solar company to file for insolvency in December, following module maker Solon.
