Mark
Group, the British solar panel insulation
company acquired by U.S. solar firm SunEdison in
July, has laid off almost 1,000 staff as a direct result of recent proposals by
the U.K. government to
reduce the feed-in tariff (FIT) by as much as 87% from January 1, 2016
The
company called in Deloitte as administrator on Wednesday, shedding 939 jobs
immediately with a further 226 at risk unless a buyer can be found.
"The
ongoing losses of the business meant administration was our only option," said a
Mark Group statement. "The turnaround plan, which was already underway, focused
on solar PV but the
government’s recent policy announcements mean this is no longer viable."
Yesterday
SunEdison confirmed it will be exiting
the U.K. solar business, with the company’s VP for residential and commercial
business unit in Europe Mark Babcock stressing: "Given the latest changes and
proposed changes to the FIT, it is difficult to see this as a viable market
going forward."
SunEdison’s
original plan for the Mark Group had been to utilize its in-house expertise in
the insulation industry – which had hitherto been decimated by earlier
government changes on insulation measures for homes – for the solar sector, but
has once again be cut off at the pass by the government’s decision to
drastically reduce subsidies from next year.
The
job losses are the first tangible effects of action taken by the Department of
Energy and Climate Change (DECC) to reduce subsidy support for the industry, and
come just days after warnings made by the Solar Trade Association (STA)
suggested up to 27,000 of the 35,000
solar jobs in the U.K. could be lost within 18 months.
"Evidence
is growing that the Chancellor’s policies are putting people out of jobs," read
a statement by Greenpeace scientist Doug Parr. "This should be a wake-up call
for David Cameron, who faces international embarrassment ahead of crucial
climate talks."
DECC’s
stance on this issue has been unyielding, with a department spokesman parroting
the line: "Our priority is now to move towards a low-carbon economy whilst
ensuring subsidies are used where they are needed most, to provide the best
value for money for hardworking bill payers."
In
the face of this rhetoric, Bloomberg New Energy Finance (BNEF) released a report
this week that found that the levelized cost of electricity (LCOE) for solar PV
is decreasing, while the LCOE for
fossil fuels is increasing. This gap is set to narrow further over the next
couple of years until solar is – like onshore wind – cost-competitive in the
U.K. with gas-fired and coal-fired generation.
Meanwhile,
hours before SunEdison’s withdrawal from the U.K. solar market, Prime
Minister Cameron had told delegates at the Conservative Party conference that
the U.K. "has received more foreign investment flooding into our country than
anywhere else in Europe". Evidently, not all investment is created equal, it
would seem…
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