IN DEPTH: Tax credit may allow US offshore wind lift-off in 2013

By extending the renewable energy investment tax credit (ITC) one year through 31 December on more favorable terms for developers, Congress has increased chances that construction of the first US offshore wind projects can begin in 2013, industry leaders tell Recharge.

They believe that CapeWind, which has 77.5% of its proposed 468MW nameplate capacity under long-term contract, and Deepwater Wind’s 30MW Block Island demonstration project off Rhode Island with full output sold, will start being built this year. Developer Energy Management Inc. is believed to be scheduling a 2013 construction start.

“Extension of the ITC is an extremely positive step for the wind industry in general and for Block Island,” says Deepwater Wind chief executive Jeffrey Grybowski. Last year, it submitted final state and federal permit applications for the project. He notes it Log in to read complete article.

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