Featured in Work in progress – 04-2023

Solar and the SVB banking crisis

While the collapse of Silicon Valley Bank sparked a domino effect in the United States and Europe, driving fears of another global banking crisis, state-side PV developers are sanguine about any fallout for their projects, as pv magazine USA’s Michael Schoeck explains.

By

pv magazine

05 Apr 2023

Silicon Valley Bank’s parent company filed for bankruptcy in March and the company’s private equity and venture capital groups have been put up for sale by Federal Deposit Insurance Corp. | Photo: Minh Nguyen/Wikimedia

Silicon Valley Bank (SVB), the 16th-largest US commercial lender, was closed by Federal Deposit Insurance Corp. (FDIC) on March 9, after bond market losses prompted a share crash and $42 billion worth of withdrawals.Parent company SVB Financial Group filed for Chapter 11 protection in the US Bankruptcy Court for the Southern District of New York …

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