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Britain's community renewable sector is tiny but it is growing.
"I think such a proposal will destroy the entire renewable sector," he said.
The initiative will represent a significant private investment in the European renewable sector.
The interest in the renewable sector can be another opportunity to make medium to long-term gains on the investment.
Wright said that Labour need to introduce an industrial strategy to create high-end manufacturing jobs in the renewable sector to get the town back on its feet.
Similarly, Sir Richard Branson said of this week's Budget: "We must ensure it encourages investment rather than create uncertainty and delay further serious investment in the renewable sector".
Similar(30)
It was very encouraging that a variety of new renewable sectors were attracting capital, while different geographical areas such as Kenya and Angola were entering the field, he added.
It could breathe new life into the wind, solar and other renewable sectors and free up new capital by reducing electricity costs through energy efficiency.
"We should be looking to develop our renewables sector".
"We want to keep power prices as low as possible, consistent with a strong renewables sector".
Domestic turnover in 2007 was €25bn, with 250,000 people employed in the renewables sector.
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