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Spain to Pay $633 Million a Year to Boost Renewable Energy

Feb. 22, 2017, 6:21 PM

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, ...