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POWER: Capital Gains Tax Rise to Impact UK Renewable Deployment

POWER

Renewable and battery storage developers are putting their projects on hold in the UK as companies wait for the government to lay out their plans for an increase in capital gains tax, CEO of NatPower UK Stefano Sommadossie said, cited by Telegraph.

  • “For infrastructure investors in the energy transition, it is the capital gains tax that is particularly relevant,” Sommadossie added.
  • And Increasing taxes or removing exemptions could severely impact investment in UK renewables and slow down the energy transition, according to Sommadossie.
  • “We are competing with other countries. Capital can be moved immediately, so the effects would be immediate. Any company, including ours, would be hit,” Sommadossie said.
  • NatPower promised a £10bn investment to build the country’s largest portfolio of battery parks as well as wind turbines and solar panels.
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