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China TBEA Co Ltd, a major manufacturer of solar energy transformers, said on Friday that BP Plc has transferred all its equity in two solar business joint ventures to the company at zero cost.
The move shows BP's determination to exit China's solar market, indicating that the giant oil company's investment in China's solar business ended as a failure after seven years.
BP started the cooperation with TBEA in 2005 when China's solar industry was expanding rapidly.
BP's investment in the solar business in China totaled 48.8 million yuan ($7.7 million) at the very beginning.
However, in recent years, the industry has been hit by overcapacity, as well as anti-dumping and anti-subsidies investigations from the United States and Europe.
In the first half of the year, TBEA reported a 20.65 percent drop in its net profit to 540 million yuan. The low profitability of PV solar products was the biggest reason behind the drop.