The British green energy company PV Crystalox Solar has reported a sharp fall in its earnings for the first six months of the current year. This news has created fears amongst the entire green energy companies.

The earnings of the Oxford based company fell down to 12.4 million euros compared to the earnings of 35.2 million euros in the first six months of previous year and the main reason behind this downturn is supposed to be the 40% drop in the global price of the silicon wafers.

The shares of the British company dropped down by 10% and spread fears in the renewable energy sector of UK.

The renewable energy sector has already seen almost 230 million euros losses in the first six months of this year which include the losses from the companies like Vestas, the largest wind turbine maker of the world.

The chief executive of the company, Iain Dorrity seems to be very optimistic about the company’s performance and has said in his statement that the company had done very well in the recent past despite of the financial crisis.