Spain will pay 600 million euros ($633 million) annually to renewable and cogeneration power plants as it seeks to reassure investors and revive its comatose clean energy industry.
The country guarantees a “reasonable yield of 7.4 percent,” the Ministry of Industry, Energy and Tourism said in an e-mailed statement Feb. 22. That applies from 2017 to 2019, with a review expected in 2020.
Spain’s clean-energy industry slumped after a wave of retroactive subsidy cuts that began in 2008, prompted by the European debt crisis. That cut payments for power-plant operators and stifled interest in building new ones. By guaranteeing a return, ...