Spain cuts solar incentives by up to 45 percent

MADRID Sun Aug 1, 2010 6:40am EDT

MADRID (Reuters) - Spain will cut photovoltaic premiums by 45 percent for new ground-based installations and up to 25 percent for new roof-mounted plants, the Industry Ministry said in a statement on Sunday.

The step is subject to approval by the country's energy regulator, the ministry said.

(Reporting by Paul Day; Editing by Michael Shields)