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(Bloomberg) — French startup Carbon SAS dropped a plan to build a €1.7 billion ($2 billion) solar panel factory in Southern France, dealing a blow to Europe’s ambitions to reduce its reliance on countries like China.
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The decision highlights the European Union’s challenge in competing with China and Southeast Asia in manufacturing equipment that’s key to the energy transition, despite recent legislation to boost local content in industries that are key for the bloc’s sovereignty and security.
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“The lack of visibility on the potential market and the uncertainties regarding the alignment of European and French commitment make it impossible to secure, within a compatible time frame, the conditions necessary to obtain the financing required to go ahead with” the project, Carbon said in statement posted on LinkedIn Tuesday.
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Two years ago, the French government pledged support including tax credits to help Carbon and HoloSolis SAS build solar panel plants in France to reduce reliance on Chinese imports. Last month, France said it would seek to favor panels made in Europe in all its tenders for photovoltaic projects from next year at the latest.
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The objective of the EU’s Net Zero Industry Act, adopted in June 2024, was limited to diversifying supply chains without creating any preference for European production, Carbon said. Meanwhile, the bloc’s Industry Acceleration Act introduced this year expanded the scope of “Made in Europe” to include all countries with a free trade agreement with the EU — potentially including Turkey, Vietnam, and India — and postponed the introduction of a European preference until 2030, according to the company.
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