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Spain kills renewable energy, cuts subsidies retroactively

inhabitat.com

Credit: inhabitat.com

Spain’s generous subsidies for renewable energy have not only been eliminated, those who invested in them (everyone) will have to give back money they’ve already received. Such investments were guaranteed by the government and earned 10%. But the government is broke and plans to clawback some of the money.

Fear, and lawsuits—an estimated 30 pending against the Spanish government for changing the rules in the middle of the game. Many of them are being brought by foreign firms who’ve invested about $25 billion.

That money won’t necessarily be lost, but the government cuts could wipe out any profits, and that means Spain’s once-booming renewables sector may be dead in its tracks.

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