$2.5 billion in solar projects canceled or frozen after Trump solar panel tariffs: report

Source: The Hill | June 7, 2018 | Jacqueline Thomsen

Renewable energy companies have decided to cancel or freeze $2.5 billion in investments on large solar panel projects in the wake of President Trump’s decision to impose tariffs on imported panels, Reuters reported Thursday.

That number is more than twice the $1 billion that firms said they were planning to spend in the U.S. solar panel industry in the wake of Trump’s decision in January, according to Reuters.

Cypress Creek Renewables LLC told Reuters that it has cancelled or frozen $1.5 billion in projects in response to the tariffs because it had increased its costs. Another company, Southern Current, also said that it put $1 billion worth of projects on hold.

Neither of the companies gave Reuters any details on the projects they were canceling, saying that doing so would make sensitive information public.

Both companies have asked that trade officials exclude large-scale panels used for their utility projects from the 30 percent tariffs, which are set to last four years, falling by 5 percent each year.

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