It’s an Obama world.
Canadian solar firm gets $50 million in Stimulus cash.
A Canadian firm will receive up to $50 million in Obama Stimulus cash for a Nevada solar plant that hires two people. And, the energy produced at the plant costs three times as much as energy from natural gas.
The Nevada Journal reported:
The company behind the recently opened Silver State North solar plant is eligible to receive up to $50 million in federal tax credits under the Obama administration’s “stimulus” legislation, even though the plant created only two full-time jobs.
Advertisement - story continues below
According to a Department of Interior memo, Enbridge Energy Partners, a Canadian-based company with extensive energy holdings in the U.S. that purchased the Southern Nevada plant from Arizona-based First Solar, “can apply for payments of up to 30 percent of the eligible costs of the project — approximately $50 million.”
The payments are available through the 1603 Program, a special exemption in the Treasury Department created by the American Reinvestment and Recovery Act to “reimburse eligible applicants for a portion of the cost of installing specified energy property used in a trade or business or for the production of income.”
The program states that the “1603 payment is made after the energy property is placed in service; a 1603 payment is not made prior to or during construction of the energy property.”
Silver State North began service on Monday, May 7. Larry Springer, a community relations manager at Enbridge, confirmed to Nevada Journal the company intends to file a 1603 application for reimbursement.