Wind Power Investments Grow in North America

2009 Nov 23

Wind energy projects are starting to take-off in North America based on several drivers including federal government incentives, angel funding and financial partnerships.

Through its Texas subsidiary Horizon Wind Energy, the giant Portuguese company EDP Renewables plans to almost triple its U.S. projects to $4 billion worth of new wind energy projects through 2012, thanks to renewable energy incentives including the investment tax credit (ITC), which was extended until 2012, reports Reuters.

The ITC delivers a 30 percent production tax credit to homeowners and businesses to encourage the development of any form of renewable energy, reports Reuters. In addition, for businesses that had no profit to take a tax credit against, they are now able to take the tax credit as a cash grant within 60 days, according to the article.

The new legislation also encourages reinvestment of renewable energy profits, so manufacturing for the nacelles, blades and other parts must be done in the U.S. to qualify, according to Reuters.

Saint Louis University’s Billiken Angel Network is investing $300,000 in a wind energy project started by Affinity Wind LLC, a company formed in 2007 by an adjunct business professor, reports the St. Louis Business Journal. The Billiken fund supports entrepreneurial ventures from students, faculty, alumni and others associated with the university, according to the article.

Affinity plans to develop a 150-megawatt (MW) wind energy project in north central Illinois, which would be large enough to power about 50,000 homes, reports the St. Louis Business Journal. The total cost of the proposal is about $300 million, of which additional funding will come from co-development with larger companies and equity contributions from suppliers, according to the article.

Read more: http://www.environmentalleader.com/2009/11/23/wind-power-investments-grow-in-north-america/

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