Renewable energy stakeholders were disappointed in the deal, having hailed the previous House Democratic draft bill as a crucial way to advance clean energy deployment.
The Senate is expected to pass the package, which includes an extension of a biodiesel tax credit, a key priority for Senate Finance Committee Chair Chuck Grassley, R-Iowa..............................
...................................The wind tax credit extension through the end of the 2020 tax year would therefore still create a sense of uncertainty for industry, she said....................
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U.S. clean energy producers would get only some of what they hoped for under a massive U.S. spending bill unveiled late Monday, with wind developers getting more time to land a big subsidy and solar developers losing their bid to extend a key investment credit.
Under the bill, wind energy projects would be able to qualify for a 30% Investment Tax Credit if they start construction by Jan. 1, 2021 – as opposed to current law requiring them to break ground by Jan. 1, 2020 to get the credit, according to the amendment.
Capital Alpha Partners, a political and financial consultancy, said the amendment could benefit European power company Iberdrola (IBE.MC), which is hoping to build America’s first big offshore wind farm – Vineyard Wind – but is dealing with federal permitting delays.
Meanwhile, the bill would preserve a planned reduction scheduled to begin next year in an investment tax credit for solar companies, a setback for solar companies that had been lobbying hard for an extension.
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