Isra-Mart srl:Further investment funds shelve solar plans following feed-in tariff review

www.isra-mart.com

Isra-Mart srl news:

Boutique investment firm Triplepoint has reportedly become the latest investor to shelve its interest in solar projects, following the government's controversial decision to conduct a fast-track review of the feed-in tariff incentives available to larger solar installations.

According to reports from news agency Citywire, the firm has suspended the launch of its planned £100m Solar Income fund and is now awaiting "greater clarity" on the future of the feed-in tariff scheme before moving forward with its renewable energy investment plans.

"We've pressed the pause button on the investment programme," Chris Tottle, a principal at Triplepoint, told Citywire. "We are not going to be accepting any new capital."

The company is at least the fourth firm to postpone solar investment plans in the wake of the government's decision to review the level of feed-in tariff support for solar installations with more than 50kW capacity.

Matrix last week suspended its clean energy fund, while Ingenious also announced it was closing its two solar funds. Similarly, Andrew Newman, finance director of Low Carbon Investors (LCI), told BusinessGreen earlier this month that the company had shelved all investment plans for large solar photovoltaic projects until the fast-track review is finalised, while ethical investor Triodos Bank is said to be reconsidering whether to continue with solar farm investments.

Ministers maintain the early review of incentives is necessary to avoid a "gold rush" by large solar farm developers that threatens to eat into the limited funds available for feed-in tariffs.

But industry insiders are furious at the decision, insisting the government has breached a promise to provide investors with details of a "trigger point" that would lead to an early review and undermined confidence across the sector by launching an early review of mid-sized as well as large solar installations.

It also emerged last week that to date just £6.3m has been paid to households and businesses that have installed renewable energy technologies under the feed-in tariff scheme during the first nine months of its operation – well short of the £30m to £51m believed to have been budgeted by the government for the first year of the scheme.