US Wind Lauds Offshore Wind Tax Credit Extension
BALTIMORE, June 27, 2019 /PRNewswire/ -- Baltimore-based offshore wind developer US Wind Inc. is hailing the introduction of federal legislation introduced in the U.S. House of Representatives and U.S. Senate that would extend tax credits set to expire this year for offshore wind development. The Offshore Wind Incentives for New Development Act introduced by Senators Markey (D-MA), Whitehouse (D-RI), and Congressman Jim Langevin (RI-02), as well as the Incentivizing Offshore Wind Power Act introduced by Senators Carper (D-DE) and Collins (R-ME) would extend the federal Investment Tax Credit (ITC) at 30 percent of the project's total value for six years and eight years respectively.
"As the developer of what will be one of the largest commercial offshore wind energy projects in the nation, we applaud these congressional leaders for their vision and determination to incentivize this emerging new clean energy sector in the United States," said Riccardo Toto, president of US Wind Inc. "There is no disputing the significant economic benefits that offshore wind represents for local economies and the environment - generating tens of thousands of high-paying skilled jobs and providing clean energy power to hundreds of thousands of households."
US Wind's Maryland project, expected to be operational during 2023, will involve the installation of up to 32 wind turbines - approximately 17 miles off the coast of Ocean City - that will eventually produce 268 megawatts of offshore wind energy, an amount sufficient to provide 76,000 Maryland homes with clean, renewable energy. It is anticipated that the US Wind project will result in the creation of approximately 7,000 direct and indirect jobs and represent an in-state investment of nearly $1.5 billion.
About US Wind Inc. - www.uswindinc.com
US Wind, based in Baltimore, Maryland, was founded in 2011 and has established a leadership position in offshore wind energy development. US Wind has obtained the federal lease to build a 1,000 Megawatt (MW) offshore wind farm in three phases, the first of which will is underway and is expected to be operational in 2021.
US Wind is fully owned by Renexia S.p.A., a leader in renewable energy development in Italy and the developer of the first offshore wind farm in the Mediterranean Sea. Renexia is a subsidiary of Toto Holding Group. Toto Holding Group has more than 40 years of experience specializing in large infrastructure construction projects, rail transportation and aviation.
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SOURCE US Wind Inc.
