Releases
February 2009
GreenWing Energy Management Ltd. Welcomes Obama’s stimulus bill
February 24th, 2009
Vancouver, British Columbia Canada – GreenWing Energy Management Ltd. (“GreenWing,” privately held) welcomes Obama’s stimulus bill.
The stimulus bill contains a number of provisions aimed at helping our industry continue the very strong growth in new installations and new jobs we have seen over the past few years.
Among these provisions are:
- A three-year extension, through 2012, of the federal wind energy production tax credit, or PTC;
- an option to elect a 30% investment tax credit instead of the PTC;
- an option to convert the investment tax credit into a grant for projects placed in service during the next two years, or placed in service before 2013 provided construction begins in the next two years. This means that the value of the credit can be realized even if the investor in a wind farm does not have a tax liability;
- a new $6 billion loan guarantee program (with $4 billion to directly promote renewable energy and $2 billion to promote transmission);
- an additional year of bonus depreciation for 2009 for wind equipment;
- a $1.6 billion increase in the Clean Renewable Energy Bonds (CREBs) program;
- targeted provisions to encourage renewable transmission.
Greenwing Energy wish to take part in the vibrant, US clean energy economy of tomorrow.
In Ontario, the Green Energy and Green economy Act, 2009 (Bill 150) has been introduced.
The development of renewable energy projects is streamlined through the introduction of a new permitting process in the Environmental Protection Act (the EPA), along with authority under the Electricity Act, 1998 for the Minister of Energy and Infrastructure to direct the Ontario Power Authority (the OPA) to develop a feed-in tariff program for the procurement of renewable generation.
This is a tremendously helpful collection of policies for wind energy and GreenWing Energy is positioned to accelerate its growth and advance its development pipeline.
GreenWing Energy Management Ltd. is a leading renewable energy developer in North America. The GreenWing team is comprised of experienced energy industry veterans and is focused on wind, solar and natural gas fueled energy generation. Headquartered in Vancouver, B.C. and with offices in California, GreenWing’s primary geographic focus is Western Canada and the U.S. Learn more by visiting www.greenwingenergy.com.
For further information please contact Dan Allard or Mike Chapin at (778) 370-1300
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