Green bubble update
I have since been contacted on my green bubble article here and updated it accordingly. The results sound pretty ominous. Are our politicians and Dept officials about to make the same mistake again ?
This puts the total capital cost at € 8 billion, with Irish/EU banks exposed to € 6.4 billion in loans to a sector that must be kept afloat by long term unsustainable subsidies in the form of REFIT. Surely, as ESB pointed out in their recent submission on the Green Paper, these subsidies are not sustainable for a mature technology such as wind energy ? So you have to ask the question: are the banks really expecting these loans to be repaid ?