Feb. 27 (Bloomberg) -- Solarhybrid AG, a German developer of solar energy projects, fell to its lowest value in two years in Frankfurt trading on government plans to eliminate support for large-scale solar power plants.
Solarhybrid fell 13 percent to 4.19 euros a share, its third day of losses and the lowest closing price since March 3, 2010, after Germany’s Environment Minister Norbert Roettgen said last week he plans to eliminate state support for solar plants bigger than 10 megawatts after July 1.
Solarhybrid, based in Brilon, developed six large-scale plants in Germany last year, including the 60.4-megawatt FinowTower II project, according to its website. It has since focused on growing its business abroad by purchasing project rights in Israel and the U.S.
Germany, the world’s biggest solar market by total capacity, plans to cut aid to the industry by as much as 29 percent from March 9 and further scale back subsidies each month, beginning in May, Roettgen said on Feb. 23. The cuts are deeper than the 15 percent reduction ordered Jan. 1 and may hurt manufacturers in Germany and China, where the world’s three largest panel makers are based.
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