GEV Wind Power, a global wind turbine maintenance company, plans to build its U.S. headquarters in Rhode Island, creating an estimated 125 jobs.
The board of the Rhode Island Commerce Corp. has approved GEV Wind Power to receive tax credits under the Qualified Jobs Tax Credit program for up to $1.93 million over a 10-year period. The actual tax credit amount will be determined by the number and wages of the new jobs created.
“Rhode Island is a national leader in offshore wind, and I’m thrilled that GEV Wind Power is choosing our state for its U.S. headquarters,” says Gov. Gina Raimondo, D-R.I.
“Over the past few years, we’ve created nearly 7,000 clean energy jobs and are on track to meet our goal of increasing renewable energy tenfold by next year. As this industry continues to grow, we will keep working to ensure Rhode Island remains the economic epicenter of offshore wind in the United States,” adds Raimondo.
Rhode Island’s commerce secretary, Stefan Pryor, says, “This agreement will strengthen our renewable energy supply chain and will enable Rhode Islanders to access clean energy careers.”
Daniel Boon, general manager for GEV Wind Power US, adds, “We are truly excited about setting up our base in Rhode Island, where Governor Raimondo and Commerce Secretary Pryor’s welcome party and support for the industry has been incredible. As we gear up, there will be a tangible opportunity for Rhode Islanders to come and talk to us about the options for an exciting career in wind energy and join what is becoming one of America’s fastest-growing industries.”
According to the Raimondo administration, there are 16,000 jobs in Rhode Island’s clean energy economy, representing a 74% increase since 2014.
The Qualified Jobs Tax Credit program has now helped 31 companies agree to relocate or expand in Rhode Island. The program is helping to generate more than 3,400 jobs and add nearly $500 million to Rhode Island’s annual GDP, says the administration.