Solar energy investors sue Czech Republic

An association of foreign and Czech solar energy investors, International PhotoVoltaic Investors Club, has filed an arbitration suit against the Czech Republic, asking for compensation for the financial losses resulting from the introduction of a 26-percent tax on solar power stations’ profits. The Czech government offered numerous incentives in the past to foreign investors in solar energy, promising extensive tax breaks. The retroactive profit tax was introduced in 2011 and applies to power plants that began operations in 2010 and 2009. This year, solar power stations received 44.4 billion crowns in government support, which is 66% of all the public finances for renewable energy.