Spain Clean Energy Subsidy Cuts Raise Bankruptcy Risk
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Spain’s cuts to renewable energy subsidies will leave many project developers facing bankruptcy, four industry lobby groups said.
Industry Minister Jose Manuel Soria’s decision to curtail profits for power generators by 2.7 billion euros ($4.1 billion) this year “will lead many installations to bankruptcy because they won’t be able to repay the credit that financed them,” the Spanish Photovoltaic Union, or UNEF, said today in a statement.