EDP Renewables to Invest $4 Billion in American Wind-Energy Projects

Officials from EDP and EDP Renewables, a generator of wind energy, announced that the company intends to devote approximately $4 billion through 2012 to building new wind farms in the United States. In 2009, the company installed 800 megawatts (MW) of wind energy on $1.5 billion of investment.

According to Reuters, EDP is the fourth-largest renewable-energy company in the world. In the United States, EDP Renewables has a presence in 21 states and operates more than 2,500 MW of wind-energy capacity.

Horizon Wind, which is owned by EDP Renewables, is the first to make use of these funds, announcing it will be participating in the American Recovery and Reinvestment Act of 2009’s 1603 program. The 1603 program gives wind and other renewable-energy producers the chance to offset the costs of new projects with a 30 percent grant. Companies that take advantage of the program agree to give up certain tax credits that they would have been eligible for in the future. The direct payment spurred development by companies that did not have a federal tax liability.

EDP Renewables companies will need electrical contractors for the infrastructures of these wind-energy systems. Be on the lookout for EDP activity in your area.

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