The Spanish government is exploring ways to persuade investors to finance a 100 billion-euro ($116 billion) transformation of its energy system as it tries to move beyond past policy mistakes that led to widespread losses and lawsuits.
The Socialist administration is drawing up plans to expand renewable power generation, modernize its transport system and refit buildings to make them more energy efficient through 2030. But the effort to mobilize private investment is hampered by ongoing legal disputes from the party’s last green energy push a decade ago, which saw over-generous solar power subsidies cut retroactively. The U-turn affected as much as 21 billion euros of senior debt, according to Bloomberg NEF.
“We have to craft carefully a proposal that is adequate, credible and sound in terms of new investments, both for national and foreign investors, and also providing some recognition about what happened,” Teresa Ribera, minister for the ecological transition, said in an interview at her office in Madrid. “It can be through regulatory means or it can be via fiscal means.”
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