03/19/2009
USA - NACEL Energy and the American Recovery and Reinvestment Act of 2009
NACEL Energy Corporation, a wind power company in business to generate clean, renewable energy, today provided guidance to shareholders and interested parties, concerning the impact of the American Recovery and Reinvestment Act of 2009 (the "Stimulus Legislation"), signed into law by President Obama in Denver, Colorado on February 25, 2009, on the Company's Blue Creek, Channing Flats, Swisher and Hedley Pointe wind power projects, all underway in the Texas Panhandle, as well as the Company's pipeline of new wind projects in feasibility, in three other States.
Under present Federal law, an income tax credit of 2.1 cents/kilowatt-hour, indexed for inflation, exists for the production of electricity from utility class wind turbines. This incentive, termed the renewable energy production tax credit (PTC), was created under the Energy Policy Act of 1992. The Stimulus Legislation includes a three-year extension of the PTC. Consequently, the 2.1 cents/kilowatt-hour tax credit may be applied to all NACEL Energy's existing and proposed wind power generation projects, through the new expiration date of December 31, 2012.
However, NACEL Energy believes that the most important aspect of the Stimulus Legislation is the new option to elect a 30% investment tax credit (ITC), up front, in lieu of the PTC. This option is available to NACEL Energy for all wind power generation facilities which it places in service in 2010, and also for facilities placed in service before 2013, if construction begins before the end of 2010.
Further, the Stimulus Legislation also allows NACEL Energy, in lieu of the PTC or the ITC, to elect to receive a direct grant from the Department of Treasury equal in amount to the ITC, being 30% of the construction cost of the applicable wind project. The Department of Treasury is required to pay the grant request within 60 days of the later of (i) the date of the Company's application which must be received before October 1, 2011, or (ii) the date that the specified Company wind facility commences commercial operations.
NACEL Energy Chief Executive Officer, Brian Lavery, stated: "The impact of the American Recovery and Reinvestment Act on NACEL Energy's expected cash flow from our four Texas projects, now underway, is extremely positive. The Company will additionally endeavor to advance our three wind project opportunities in feasibility, in order to fully capitalize on the provisions of this new legislation."
About NACEL Energy Corporation:
NACEL Energy is one of the first publicly-traded companies in America exclusively developing utility class wind power generation projects. NACEL Energy has commenced work at its Hedley Pointe, Swisher, Blue Creek and Channing Flats projects, all located in Texas, and currently anticipates 80 MW of new wind power upon their completion. NACEL Energy was founded in 2006 and successfully completed its IPO in December of 2007.
For more information on this company please contact Trevor Sievert at ts@windfair.net
Under present Federal law, an income tax credit of 2.1 cents/kilowatt-hour, indexed for inflation, exists for the production of electricity from utility class wind turbines. This incentive, termed the renewable energy production tax credit (PTC), was created under the Energy Policy Act of 1992. The Stimulus Legislation includes a three-year extension of the PTC. Consequently, the 2.1 cents/kilowatt-hour tax credit may be applied to all NACEL Energy's existing and proposed wind power generation projects, through the new expiration date of December 31, 2012.
However, NACEL Energy believes that the most important aspect of the Stimulus Legislation is the new option to elect a 30% investment tax credit (ITC), up front, in lieu of the PTC. This option is available to NACEL Energy for all wind power generation facilities which it places in service in 2010, and also for facilities placed in service before 2013, if construction begins before the end of 2010.
Further, the Stimulus Legislation also allows NACEL Energy, in lieu of the PTC or the ITC, to elect to receive a direct grant from the Department of Treasury equal in amount to the ITC, being 30% of the construction cost of the applicable wind project. The Department of Treasury is required to pay the grant request within 60 days of the later of (i) the date of the Company's application which must be received before October 1, 2011, or (ii) the date that the specified Company wind facility commences commercial operations.
NACEL Energy Chief Executive Officer, Brian Lavery, stated: "The impact of the American Recovery and Reinvestment Act on NACEL Energy's expected cash flow from our four Texas projects, now underway, is extremely positive. The Company will additionally endeavor to advance our three wind project opportunities in feasibility, in order to fully capitalize on the provisions of this new legislation."
About NACEL Energy Corporation:
NACEL Energy is one of the first publicly-traded companies in America exclusively developing utility class wind power generation projects. NACEL Energy has commenced work at its Hedley Pointe, Swisher, Blue Creek and Channing Flats projects, all located in Texas, and currently anticipates 80 MW of new wind power upon their completion. NACEL Energy was founded in 2006 and successfully completed its IPO in December of 2007.
For more information on this company please contact Trevor Sievert at ts@windfair.net
- Source:
- Nacel Energy Corporation
- Author:
- Edited by Trevor Sievert, Online Editorial Journalist / Author: NACEL Energy Staff
- Email:
- ts@windfair.net
- Link:
- www.windfair.net/...
- Keywords:
- NACEL Energy Corporation, wind energy, wind farm, renewable energy, wind power, wind turbine, rotorblade, offshore, onshore
