| PTC Vote Could Put Cloud Over Ariz. Solar Plant |
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| Written by Charlie Lawton | |||||
| Tuesday, 26 February 2008 | |||||
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The Arizona desert near the sleepy town of Gila Bend stands to become home to the world's biggest solar plant in 2011, but only if Congress votes to renew the clean energy tax credit due to expire at the end of this year. The Solana project, to be built by Spain's Abengoa engineering group and forecast to produce 280 megawatts at peak, is just the largest of the solar and renewable energy projects put at risk by the expiration of the tax credit. More than 40,000mW worth of clean power, not to mention the jobs and economic growth it will stimulate, also hang in the balance. The burgeoning solar and renewable industry depends on the tax relief offered by the Production Tax Credit (PTC) and the Investment Tax Credit (ITC) to offset the price of still-new technology and build capital. According to ACORE, the credits need to be extended by March 1, 2008, to avoid putting these projects at risk. |
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