Economic Changes Alter Outlook
By Robert Safuto on Oct 16, 2008 in News
The outlook for clean energy projects has started to change as a result of the current economic situation in the U.S. and around the world. A pair of news items underscore the wider issues that are likely to develop.
Noble Environmental Power has stopped work at its Bellmont and Chateaugay wind-energy projects and laid off its workers. And it appears the bankruptcy of one of its major financial backers may have played a part. “Due to conditions in the financial markets, Noble Environmental Power has had to scale back its development plans for 2009,” Noble Chief Executive Officer Walter Howard said in a written statement.
Tesla Motors Hits Brakes Amid Credit Crisis
Citing “extraordinary times,” Tesla Motors, maker of the battery-powered, $109,000 Roadster, said Wednesday that difficult market conditions were forcing it to delay production of its next-generation vehicle, close two offices, lay off an unspecified number of employees and replace its chief executive.
Like all power projects, clean energy projects rely on investment capital. Investment capital is in short supply right now and is likely to be in short supply for the foreseeable future.

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