White House Awards US $2.3B in Tax Credits

President Barack Obama last week announced the award of US $2.3 billion in Recovery Act Advanced Energy Manufacturing Tax Credits. One hundred eighty three projects in 43 states will receive that funds that are meant to help create tens of thousands of jobs through the domestic manufacturing of advanced clean energy technologies including solar, wind and efficiency and energy management technologies.

“Building a robust clean energy sector is how we will create the jobs of the future,” President Obama said. “The Recovery Act awards I am announcing today will help close the clean energy gap that has grown between America and other nations while creating good jobs, reducing our carbon emissions and increasing our energy security.”

The projects announced to receive the awards include PPG Industries Inc., which will use the funds to produce a double anti-reflective coating for glass to make solar cells more efficient, as well as to expand the manufacture of conductive oxide (TCO) coatings of glass substrates for solar panels.

Another renewable energy company getting an award is 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. TPI will also be expanding their existing manufacturing facility in Iowa to meet the anticipated increased demand for composite wind turbine blades.

While projects selected for this tax credit generally must be placed in service by 2014, approximately 30 percent of them will be completed in 2010.

One hundred eighty three projects have been selected for the tax credit to. They include Nanosolar, Stion and SunPower (all based in San Jose), as well as CaliSolar, Miasolé, Serious Materials and Solaicx. Read the full list of Selections for Section 48c Manufacturing Tax Credit by clicking here.


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