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Solar Companies Slip as Tax Plan Creates Dark Cloud for Industry

  • Tax reform plan threatens key source of renewable financing
  • ‘The amount of of tax equity financing available may decline’
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Photographer: Jacob Kepler/Bloomberg

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First Solar Inc. and SunPower Corp., the biggest U.S. solar manufacturers, slumped after the U.S. Senate passed a tax proposal over the weekend that would make it harder to finance renewable-energy projects.

First Solar sank as much as 6.9 percent, the biggest intraday decline in more than a month. SunPower declined as much as 7.6 percent and the Bloomberg Global Large Solar Index of 16 companies slipped as much as 3.2 percent.