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Renewable Energy Tax Credits News Briefs - February 2014

On Dec. 12, the U.S. Department of Energy and U.S. Department of the Treasury announced that $150 million in Advanced Energy Manufacturing Tax Credit program (Section 48C program) clean energy tax credits would go to 12 businesses investing in domestic manufacturing equipment. This is the second phase of funding for the program, which had $2.3 billion in funding available. Investments will include wind energy, hydropower energy and smart grid technologies for fuel efficient cars. The Section 48C program allows the U.S. Department of the Treasury to provide developers with an investment tax credit of 30 percent for the manufacture of certain types of energy equipment.


Sally Jewell, Secretary of the Interior, and Tommy P. Beaudreau, director of the Bureau of Ocean Energy Management (BOEM) announced on Dec. 17 the proposed notice of sale for almost 80,000 acres off the coast of Maryland for commercial wind energy leasing. BOEM proposes to auction the wind energy area as two leases: a North Lease Area, with more than 32,000 acres and a South Lease Area, with more than 46,000 acres. The sale is expected to take place this year and will be conducted as an online auction. An U.S. Department of Energy’s (DOE) National Renewable Energy Laboratory analysis prepared for BOEM concluded that the Maryland Wind Energy Area could support 850 to 1450 megawatts (MW) of commercial wind generation. Comments are being solicited for the proposed sale and will be accepted through Feb. 18.


EDF Renewable Energy on Dec. 19 announced the acquisition of the Longhorn North Wind project from Renewable Energy Systems Americas Inc. (RES Americas). The project will be eligible for production tax credits (PTCs) as the two companies met the Dec. 31, 2013 qualification deadline. RES Americas will construct the Longhorn North Wind project, located in Floyd and Briscoe counties in Texas. It will be a 200MW project constructed under a balance of plant (BOP) agreement and has an anticipated completion date of late 2014. The project was also financed with a long-term, fixed-price hedge agreement.


On Dec. 19, New York Governor Andrew M. Cuomo announced $210 million for New York Green Bank. The initiative, introduced by Cuomo, supports clean energy, promotes job creation and fosters a cleaner environment through private investment in clean energy projects. The Regional Greenhouse Gas Initiative provided $45 million in project funding and $165 million was redirected from other programs. The green bank will provide credit enhancement, loan loss reserves and loan building to support securitization and to build secondary markets. New York Green Bank is expected to begin operation in early 2014.


Mercom Capital Group LLC, a clean energy communications and consulting firm, in January released a report on funding and merger and acquisition activity in the solar industry in 2013. The report analyzes and discusses venture capital funding deals, public market financing deals, debt deals, large-scale project funding deals, new cleantech and solar funds, and bankruptcies and restructurings. The report found that venture capital investments reached $600 million for 97 deals, compared with $992 million for 106 deals in 2012. The report also found that 37 new funds focusing on renewable energy investments with more than $19 billion were established in 2013, compared to 29 funds with $11.2 billion in 2012. Large-scale project funding also increased with $13.6 billion in 152 deals, compared to $8.7 billion in 84 deals in 2012. Visit for more information about this report.

Journal Category:

Renewable Energy Tax Credits



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