New tax rules could cripple renewables in the US

Sources tell Bloomberg that the tax reform proposal from the US Senate could have serious consequences for investments in wind turbines and solar panels. A new minimum tax would be "draconian" for the industry, says one source, while another says that "it literally will grind our industry to a halt".

Photo: Goldwind

The gravity in the proposal from the US Republicans is clear for the renewable energy industry in the country, say several sources after the Senate passed the legislative proposal Saturday night local time with a 51 to 49 vote.

The new proposal means that tax-equity investors in renewable energy projects, who can currently get a stake in the US subsidies for renewable energy, contingent on presenting proof of ownership of the projects, look poised to see a major reduction in incentive for providing the cheap financing.

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