$99.9 Million in ARRA Funding to
Colorado Wind Farm
The award will be given in lieu of a production tax credit, according to a release announcing the funds from Congresswoman Betsy Markey’s office. Section 1603 of ARRA allows qualified applicants to receive reimbursement for a portion of the expense of renewable energy properties. To be eligible, the renewable energy must either be placed in service during 2009 or 2010 or construction on the project must have started in 2009 or 2010. Section 1603 was meant to fill the gap created by diminished investor demand for tax credits.
Ground broke on the Peetz wind farm in May 2007. At the time, the $700 million project was slated to include 260 wind turbines capable of generating 400 megawatts. All of the electricity generated at the site is sold to Xcel Energy.
According to the website of NextEra Energy Resources, the company lists three Logan County projects in its portfolio, totaling 574 megawatts of generating capacity.
Filed Under: ARCHIVES • Funding & Capital News
Tags: American Recovery and Reinvestment Act • ARRA • Betsey Markey • Colorado wind energy • NextEra
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