Spain Won't Levy More Taxes on Solar Power

Spain Won't Levy More Taxes on Solar Power | Renewable Energy News Article

renewableenergyworld.com 21 Aug '12, 6pm

Spain Won't Levy More Taxes on Solar Power

Abengoa advanced as much as 5.7 percent in Madrid to the highest since March 28 and rival solar-thermal developer Acciona SA gained as much as 5.2 percent. Montoro said in an interview he’s ready to veto the Industry Ministry proposals that aim to raise revenue to help reduce the debts of Spain’s power system. By taxing solar generation, Industry Minister Jose Manuel Soria seeks to raise funds from Spain’s most heavily subsidized energy source. Montoro said the plans would breach European law and Spain should focus on efforts to rein in its budget deficit. “This is certainly good news for the cleaner generators,” said Shai Hill, an energy-company analyst at Macquarie Capital Europe Ltd. in London. “Solar and solar-thermal is the focus.” Abengoa climbed 4.3 percent to 14.10 euros by 2:34 p.m. in Madrid trading, Acciona gained 3.3 percent to 39.165 euros, while the benchmark...

Full article: http://www.renewableenergyworld.com/rea/news/article/2012...

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