Oregon renewable projects snap up $218M in tax credits
All but $82 million of $300 million cap for the Business Energy Tax Credits established by the 2010 Legislative Special Session have been spoken for, according to the Oregon Department of Energy.
The department has issued $218 million in preliminary certification for tax credits and will introduce a new, tiered priority system for $60 million of the remaining available credits for the funding cycle that ends in December.
The tiered system was also established by the Legislature during the special session.
The $60 million in funds released June 1 will cover:
- • $10 million for applications requesting less than $250,000 in credits, processed on a first-come basis.
- • $20 million for applications between $250,000 and $2.9 million in credits, subject to a review and divided between two funding periods of $10 million each over the course of the year.
- • $30 million for applications of $3 million or more, subject to a competitive process and independent review.
There are already 11 projects pre-certified for $10 million in tax credits including:
- • A photovoltaic project by Alfred Fairbanks in Lake County.
- • A biomass project by Biogreen Sustainable Eneryg Co. in Deschutes County.
- • A hydro energy project by Dorena Hydro in Lane County.
- • The Stateline II wind project by FPL Energy in Umatilla County.
- • The Horn Butte Wind Energy project by Ivenergy in Gilliam County.
- • The Leaning Juniper Wind Power II project by Iberdrola in Gilliam County.
- • A wind project by Portland General Electric in Sherwood County.
- • The OPT Wave Park in Reedsport.
- • The Star Point Wind Project in Sherwood County.
- • A biomass project by Tongue Point Investors in Clatsop County.
- • An alternative fuels project by ZeaChem Inc., which is building a plant in Boardman.
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