Trump's victory hits US renewable energy – FT

After Donald Trump won the US presidential election, at least half a dozen developers in the field of renewable energy suspended their projects, and investors began to sell their shares.

This is reported by the Financial Times.

The president-elect promised to increase the country's oil and gas production and end President Joe Biden's climate policies on the campaign trail, including repealing the Deflation Act, the strongest measure the US has taken to boost renewable energy.

Canadian solar manufacturer Heliene suspends its plan to manufacture solar panels in the U.S. worth $150 million until it gets more policy clarity from the new Trump administration.

Princeton battery recycling startup NuEnergy is revising its schedule to build a $300 million plant in 2028.

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The election of Trump and the prospect of a Republican-controlled Congress sent renewable energy shares lower as investors fear a slowdown in the country's decarbonization pace under the leadership of a GOP administration.

The iShares Global Clean Energy ETF, which tracks renewable energy companies , fell 7% after Trump's victory, while shares of First Solar and Denmark's Vestas were down about 10%. Fuel cell maker Plug Power and residential solar provider Sunnova fell by more than a quarter.

It said renewable energy use could fall by 30% if tax credits are phased out, and new tariffs on equipment and restrictions on issuing permits have been introduced.

According to the American media, Donald Trump has promised the heads of oil companies to turn public policy in their favor if they give money to his election campaign.

< p>Oil fell in price after US President Donald Trump announced his victory in the elections.