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News from the financial sectors in Spain and the Canary Islands
   News from the financial sectors in Spain and the Canary Islands

Renewable energies
Boost for Canaries
Renewable energies in the Canaries have been given a major boost with the announcement of a special scheme to encourage energy firms to invest in wind and solar plants on the islands.

02.09.2014 -

The scheme, approved by the Ministry of Industry in Madrid, exempts the Canaries from the general system for contracting renewable energy capacity and allows the regional authorities to provide direct financial incentives to firms as a way of offsetting the additional costs of installation here, estimated at 38 per cent higher than the standard costs.  According to Madrid, the incentive should see a further 450 megawatt hours generated in the coming years, raising the current share of renewables from 7.6 per cent to 11 per cent.  The announcement has been welcomed by the sector, with industry umbrella body the Canarian Association of Renewable Energies particularly positive.  "We have been waiting for something like this for years.  The Canaries will be the only part of Spain to benefit from direct premiums for investment and production," said association chief Enrique Rodríguez.  Firms have two months to register their interest in applying for the premiums, which could give them an annual return of 7.5 per cent on investment in wind and solar farms.

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