Spain’s Solar Industry Faces Bankruptcy

  • Date: 17/06/10

Spain’s government will cut the revenue of most existing solar-power plants by 30 percent, a move that may bankrupt hundreds of companies that produce electricity using photovoltaic panels, a local trade group said.

The industry ministry, after negotiating with trade groups for weeks, plans to reduce the number of hours a day during which they may earn subsidized prices for clean energy, said Tomas Diaz, director of external relations at the Photovoltaic Industry Association in Madrid.

“It’s incomprehensible that the government is doing this,” Diaz said in a telephone interview after solar industry representatives met today with Deputy Industry Minister Pedro Marin. “We feel cheated.”

Solar executives, whose companies have invested more than 18 billion euros ($22 billion) in the last three years in Spain, have pressed the government for weeks to maintain prices guaranteed for 25 years under a 2007 law. The decision, which hasn’t been approved by the cabinet, would mean bankruptcy for most of Spain’s 600 photovoltaic operators, Diaz said.

Full story

 

Recent Popular Articles


We use cookies to help give you the best experience on our website. By continuing without changing your cookie settings, we assume you agree to this. Please read our privacy policy to find out more.