The extension of the wind energy Production Tax Credit (PTC) and Investment Tax Credits for wind energy projects will allow for the continued growth of cost-competitive wind energy in the United States, the company said.
Tax credit extension could mean that thousands of people will be employed building new First Wind projects over the next few years along with millions of dollars in investment and new revenue generated for host communities and others, while delivering cost-competitive clean energy to more homes across the country, according to First Wind.
In 2012, wind energy was the most-installed new electrical generating capacity in America. First Wind alone commissioned five new projects in four states last year.
“With the passage of the wind energy tax credit extension, First Wind and other wind energy companies around the country have predictable federal policy in place that will allow for millions of dollars of investment in local communities over the next few years,” said Paul Gaynor, CEO of First Wind.
“We are planning to substantially expand our portfolio – by as much as 50 percent or more – with several projects starting construction by the end of 2013,” Gaynor added. “That will mean jobs and investment, and consumers will be getting clean energy at a competitive price.”
The bill that was passed last week would cover all wind projects that start construction in 2013. The new legislation includes language that projects meeting certain criteria by December 31, 2013 to be “in construction” will be eligible for the tax credits.
First Wind already has a number of projects in late stages of development that could be ready for early construction work by the end of the year. Some of the prospective projects that could meet these criteria include several projects in Maine, along with possible projects in Oregon, Washington, Idaho, Utah and Hawaii.
GE to provide WindCONTROL to First Wind projects in Maine
Recently First Wind has formed partnership with GE to install WindCONTROL advanced software to support two wind projects in Maine. GE has signed an eight-year service agreement to support First Wind’s entire fleet of 264 GE wind turbines at eight sites across the United States.
“With the extension of tax credits behind us, we must now move away from the existing system that creates an unnatural boom and bust cycle for wind project development and construction that occurs as the tax credits expire,” added Gaynor. “We need to move forward to put wind energy on a level playing field with other forms of energy – especially those generated by fossil fuel consumption.”