Focus on solar in Europe was costly error: fund

One article from another bad day for Europe's solar industry

Focus on solar in Europe was costly error: fund:

"LONDON -- Some European countries like Italy and Spain made "insane" bets on solar power at the expense of other renewables by subsidising the technology too generously, the chief executive of an Italian environmental private equity fund said on Monday.
Several European Union nations have been scaling back subsidies for renewable energy, including solar, as they try to pare back public spending amid the EU sovereign debt crisis.
"Solar will definitely be the solution 20 to 30 years from now worldwide, but what has happened in the last five years in Europe is completely insane," Nino Tronchetti Provera, chief executive of Ambienta, said in an interview.
"You cannot have countries like Spain and Italy which are almost bust because of the interest they have to pay to serve their (public) debts, spending billions and billions to produce a small share of electricity," he added."

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