One of the largest wind companies in the US and in the world in general, Portuguese EDP Renewables is to expand its US projects up to $4 billion through 2012. Through its North American subsidiary Horizon Wind Energy based in Texas, EDP Renewables has already installed almost $1.5 billion worth wind energy this year to bring its US total to 2.500 MW in 21 states.
This initiative is driven by highly favorable business conditions in the US. Current legislation extends the investment tax credit for the wind developers till 2012. The Obama administration not only extended ITC but allows benefit from 30% production tax credit available to homeowners and business encouraging development of the clean energ technologies.
To help companies hard-hit by the downturn; the 30% tax credit legislation was modified under the Recovery Act to be made available as a cash grant within 60 days if a business had no profit to take a tax credit against.
Immediate reinvestment of renewable energy profit is encouraged by the new legislation as well so all the spare parts must be produced in the US to qualify.