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Spain drops out of renewable investment top 10 after suspending subsidies
- 12 years ago (2012-02-28)
- David Flin
According to an Ernst & Young survey, Spain, which was the top-ranked renewable energy market for investors five years ago, has dropped out of the top 10 after suspending subsidies for new generation.
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Ernst & Young has published its Renewable Energy Country Attractiveness Index, in which China retained its top positions. The report said that Europe has generally declined in attractiveness, as governments struggling with the financial crisis have reduced aid for solar and wind power projects. The report said: “The sovereign debt crisis continues to stifle the euro zone, and also policy setters’ ambitions in relation to renewable energy deployment. Capital scarcity and increased competition from Asia will continue to put pressure on Western players for the foreseeable future.” Ernst & Young said that the outlook in Spain and other European economies for 2012 is less certain after 2011 saw record investment in renewables, particularly in solar power.
Ernst & Young ranked China in first place, followed by the USA, Germany and India. The UK overtook Italy to fifth place, with France, Canada, Sweden and Brazil completing the top 10. Spain tied with Australia in 11th place.
The assessment criteria include regulations and planning barriers, as well as access to capital, land and power grids.