Spain’s solar power subsidy cuts attacked
FT - Investors in Spain’s €20bn photovoltaic solar power industry have protested against what they say is an illegal government plan to slash subsidies by up to €3bn ($3.9bn) over the next three years.
The backers, including foreign private equity groups and specialist funds, are particularly outraged by the possibility that cuts will be imposed retroactively on plants built before 2008. They say this would be in breach of long-term contracts and drive many of them out of business, as well as hurting banks.
