ENEL GREEN POWER EXTENDS FRAMEWORK AGREEMENT WITH VESTAS TO DEVELOP ADDITIONAL WIND CAPACITY IN THE USA
• The agreement extension confirms EGP commitment to keep growing in the United States • The development of up to an approximate 1 GW of wind capacity under the agreements will enable EGP-NA to qualify for Production• The agreement extension confirms EGP commitment to keep growing in the United States • The development of up to an approximate 1 GW of wind capacity under the agreements will enable EGP-NA to qualify for Production Tax Credits Tax Credits
Rome, January 12th, 2015 - Enel Green Power, acting through its subsidiary Enel Green Power North America Inc. (EGP-NA), has extended the framework agreement signed at the end of 2013 with Vestas for the development of wind farms in the United States.
The 2013 agreement, which provided for the supply of Vestas wind turbines, supported and will continue to support EGP-NA's recent successful growth in the United States.
The extension of this agreement confirms and expands EGP's commitment to keep growing in the United States wind market. The capacity yet to be developed within the 2013 agreement, together with the current extension, will enable the Company to qualify up to approximately 1 GW of future wind capacity in the United States for Federal Production Tax Credits (PTCs).
EGP-NA's ability to qualify for these federal tax incentives comes as a result of its continued substantial investment in the United States and recent action by the US Congress to extend the PTC as part of the Tax Increase Prevention Act of 2014, signed into law last month.
Enel Green Power in USA - Enel Green Power (EGP) operates in North America through Enel Green Power North America, Inc. (EGP-NA), which owns and operates over 90 plants in 21 U.S. States and two Canadian provinces. As of today, the company has a total installed capacity of more than 2,000 MW. Such a capacity base is diversified across four generation technologies, namely wind, geothermal, solar and hydro.