SPAIN/DENMARK - AP Pension, PBU and PensionDanmark have written to Spain's finance minister over reports the government is cutting revenue earned through subsidised prices in the sector.
The three Danish investors, which between them hold €30bn (US$36bn) in assets, last year joined forces to invest €100m in renewable energy projects, including Spanish solar plants, which benefit from a 25 year state-backed price guarantee for the energy they produce.
So far the funds have invested €25m (US$30bn) in Spanish solar plants, but last week reports in the press suggested the government was considering retroactive changes which would cut the revenue that solar power plants earn from subsidised prices.
Further reports have suggested Prime Minister Jose Luis Rodriguez Zapatero will make the changes to future projects only, however.
The funds have written to Spain's finance minister Elena Salgado and industry minister Miguel Sebastian arguing that any retroactive changes would lead to a "significant loss for investors".
PensionDanmark chief investment officer Claus Stampe said: "We have among other things written a letter to the Spanish Finance Minister expressing our concern over these rumours, stressing that any retroactive changes would lead to significant loss for investors and would also very seriously undermine the confidence in Spain and its ability to attract foreign investments going forward.
"We are therefore happy to read the latest press reports where people close to the Spanish government reports that the Spanish Prime Minister Jose Luis Rodriguez Zapatero has decided that cuts in the feed-in tariffs will only apply to future renewable projects."
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