Big cuts for San Jose-based SunPower

October 16, 2012 1:56:32 PM PDT
San Jose-based solar panel maker SunPower revealed Tuesday that it will close some solar cell production lines in the Philippines and slash about 900 jobs, about 17 percent of SunPower's global workforce.

The solar panel industry faces a crisis of excess capacity and falling demand. Europe happens to be the industry's top customer and many EU nations have cut back their subsidies for green power.

Solar panel prices have dropped 30 percent so far this year.