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Oil report

Spanish renewables group T-Solar delays IPO

MADRID, April 27 (Reuters) - Spanish solar energy generator T-Solar said on Tuesday it has delayed its stock market debut planned for this year until Spain’s industry ministry clarifies its plans for the country’s renewable energy subsidies.

T-Solar said in mid-April it was planning to list on the Madrid stock exchange before the summer to raise 300 million euros ($399.6 million) to fund its international growth [ID:nLDE63D2FX].

Recent reports that the government could introduce severe cuts in Spanish renewable energy subsidies, which swelled the country’s energy costs by over 6 billion euros in 2009, have led to sharp falls in renewable energy companies share prices this week [IDn:nLDE63L1V8].

Spain is due to release its energy plan to 2020 this year in which it will revise green energy subsidies across the sector, while still trying to meet European Union targets to have 20 percent of its electricity generated from renewable energy in 2020.

Energy from solar panels has already seen sharp cuts in its subsidies in Germany and Spain, where a 2.6 gigawatt surge in solar panels connected to Spain’s power grid in 2008 led to caps on tariffs and qualifying plants which hit the industry worldwide.

Reporting by Jonathan Gleave; Editing by Bernard Orr

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