Spain-based renewable energy builder Acciona reported a $2.7 billion yearly loss, according to reports.
This is the company’s first loss since at least 1988, according to Bloomberg. As a company, Acciona helped make Spain a European leader in wind energy installations as well as solar thermal power plants, but the Spanish government instituted cuts in consumer-funded subsidies for renewable power projects, which are affecting renewable energy companies like Acciona.
The company saw a $351 million income reduction last year, and the regulatory changes also led to some $2.3 billion in write-offs and impairment changes, according to the Bloomberg report.
Overall sales have dropped 5.8 percent to $9 billion in 2013, according to a statement by Acciona.
Acciona has operations in more than 30 countries worldwide.