President Obama has announced $2.3 billion in American Recovery and Reinvestment Act Advanced Energy Manufacturing Tax Credits for clean energy manufacturing projects across the U.S.
The funds will be used for 183 projects in 43 states and will create tens of thousands of clean energy jobs and encourage the domestic manufacturing of advanced clean energy technologies including solar, wind, and efficiency and energy management technologies, the White House says.
‘The awards announced today, together with the more than $5 billion in private- sector capital spurred by our investment, will drive significant growth in the renewable energy and clean technology manufacturing sectors, good jobs, an energized private- sector marketplace and a leadership role for the U.S. in these crucial high-growth markets,’ says Treasury Secretary Tim Geithner.
The investment tax credits, worth up to 30% of each planned project, will leverage private capital for a total investment of nearly $7.7 billion in high-tech manufacturing in the U.S. The projects address the broad spectrum of manufacturing capabilities needed to support a robust clean energy economy, according to the White House.
This announcement includes tax credits for numerous clean energy technologies and companies, including TPI Composites Inc., which is building a new manufacturing facility in Nebraska to produce next-generation wind turbine blades.
TPI says the facility will create over 200 new jobs and will have a capacity equivalent to supplying 265 turbines rated at 2.5 MW for a total electrical output of 663 MW.
TPI will also be expanding its existing manufacturing facility in Iowa to meet the anticipated increased demand for composite wind turbine blades. TPI's composite materials made in both facilities are used to make lighter and stronger wind turbine blades.
While projects selected for this tax credit generally must be placed in service by 2014, approximately 30% of them will be completed in 2010, the White House says.
SOURCE: The White House
