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Acciona threatens to withdraw wind generating investment in Spain  

Acciona SA has threatened to withdraw its investment in Spain’s wind parks if the government continues with its plans to withdraw support for the industry, Expansion reported, citing general director Estaban Morras.

The constructor said it intends to invest some 7.4 bln eur in renewable energy projects to 2009, though Morras said that the money will be sent overseas if proposed regulation changes to both existing and new projects goes ahead.

Acciona originally planned to keep some 50 pct of the investment in Spain.

Morras accused the government of ‘changing the rules in the middle of the game,’ on the proposal.

‘We are ready to accept a 20 pct cut in incentives for new installations, but you can’t touch existing projects as this leads to a worrying situation of judicial instability,’ Morras said, according to Expansion.

AFX

forbes.com

15 March 2007

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