Is the RE bubble bursting? We know about the stranded assets in the Victorian countryside and there were warnings that serious problems would emerge when the penetration of RE got past 15 or 20%. This is not a good look.
One of the biggest contractors and constructors of large-scale solar farms in Australia, the listed constructing giant Downer Group, has signaled a dramatic exit from the solar business, saying it is too hard.
“We’re out of solar,” Downer CEO Grant Fenn told an analysts during a telephone briefing of the company’s half year earnings on Wednesday.
Fenn said the decision to withdraw from solar was disappointing, but inevitable given that the large-scale solar market had all but evaporated over the last 12 months.