Spain Seeks Investors for $116 Billion Energy Refit
- Levy on rooftop solar panels may be removed by November
- Ribera says she’s aiming for cross-party support for her plan
Photographer: Angel Navarrete/Bloomberg
The Spanish government is exploring ways to persuade investors to finance a 100 billion-euro ($116 billion) transformation of its energy system as it tries to move beyond past policy mistakes that led to widespread losses and lawsuits.
The Socialist administration is drawing up plans to expand renewable power generation, modernize its transport system and refit buildings to make them more energy efficient through 2030. But the effort to mobilize private investment is hampered by ongoing legal disputes from the party’s last green energy push a decade ago, which saw over-generous solar power subsidies cut retroactively. The U-turn affected as much as 21 billion euros of senior debt, according to Bloomberg NEF.