International solar developer SunEdison has announced it is to exit the UK market citing “uneconomic” conditions created by the government’s feed-in tariff proposals.
The company made the announcement in a business update conference call with financial analysts this afternoon, during which it said it would have to change its business strategy in light of current financial market conditions.
The announcement comes just weeks after the company launched a withering attack on the proposed cuts, stating that their outcome would be “tragic” for the UK market.
Mark Babcock, VP of European residential and solar at SunEdison, said in a statement last week that the “abrupt and unanticipated decimation” of the feed-in tariff would result in “sector-wide lay-offs” and a “derailing” of the UK solar market.
“Limiting solar deployment under the feed-in tariff is damaging, but combined with the FiT reduction the outcome could be tragic.
“This is particularly disappointing at a time when UK solar is flourishing, significantly bringing down costs and meaningfully contributing to the UK’s shift to a low carbon economy,” he added.
SunEdison has claimed to have invested up to £400 million in the UK market to date and only ramped up its activity in the UK early this year, targeting the residential and rooftop market with a zero-down offer.
This is a developing story and Solar Power Portal will update it as and when additional information becomes available.