NextEra Energy Resources has received a $99.9 million cash grant for its Northern Colorado Wind Farm project in Peetz, Colo., according to the office of Rep. Betsy Markey, D-Fort Collins.
Funded through the American Recovery and Reinvestment Act in lieu of a production tax credit, the award will allow quicker job creation in the near term and investment in infrastructure that will provide long-term economic benefits.
Section 1603 of the act appropriates funds for payments to persons who place in service specified energy property. The Treasury Department makes Section 1603 payments to qualified applicants in an amount generally equal to 30% (or 10% of the cost basis of the property depending on the type of renewable energy), once the property is placed in service.
SOURCE: The office of Rep. Betsey Markey