Green energy projects hit by credit crisis

The Dutch-based renewable energy developer Econcern is being forced to postpone major projects because of the credit crisis, reports Monday’s Financieele Dagblad.

Econcern says foreign banks have turned off the credit tap for sustainable energy projects and warns that the company will book a loss in 2008.
In an interview with the paper, Econcern founder and CEO Ad van Wijk says that instead of the forecast profit of €130m for last year, the company now expects a loss and that job losses are unavoidable. The company currently employs 1,400 workers.
Van Wijk has called on the Dutch government to give banks full guarantees for major green energy investments, saying that these do not represent risks and at the same time stimulate employment, reports the paper.

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