The Senate is set to vote on Wednesday on a version of financial rescue plan that includes approximately $78 billion in renewable energy investment incentives and extensions of expiring tax breaks.
This comes as welcome news to investors in the wind and solar energy sectors who have been looking to Congress for action since the tax credits were not renewed earlier this year.
The alternative energy investment tax credits are currently slated to expire on December 31.
Showing posts with label wind power. Show all posts
Showing posts with label wind power. Show all posts
T. Boone Pickens Plans $10B Wind Farm
T. Boone Pickens, a legend of the Texas oil industry, is planning a $10 billion wind energy project.
Pickens and his company Mesa Power plan to produce 4,000 megawatts of electricity via the vast wind farms. Mesa is expected to complete a contract for 2,700 wind turbines by May 2008. This investment is anticipated to produce the first 1,000 megawatts of electricity.
Although Pickens states that alternative energy profit margins are not equal to those of the oil and gas industry, he does expect a 25% margin on the energy produced by the wind power project.
"When I go into these markets, I expect to make money on them," Pickens said. "I don't expect to lose."
Pickens and his company Mesa Power plan to produce 4,000 megawatts of electricity via the vast wind farms. Mesa is expected to complete a contract for 2,700 wind turbines by May 2008. This investment is anticipated to produce the first 1,000 megawatts of electricity.
Although Pickens states that alternative energy profit margins are not equal to those of the oil and gas industry, he does expect a 25% margin on the energy produced by the wind power project.
"When I go into these markets, I expect to make money on them," Pickens said. "I don't expect to lose."
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