Senator slams '$1bn for foreign corporation' Orsted as US tax credit bill squeaks through - Recharge
Senator slams '$1bn for foreign corporation' Orsted as US tax credit bill squeaks through | Recharge
The divisions over US offshore wind were laid bare as Orsted narrowly won a vote allowing it to keep federal incentives for its gigascale Ocean Wind project off New Jersey, prompting a hostile state senator to slam what he claimed as a taxpayer gift to a “foreign corporation”.
A bill allowing the Danish renewables giant to retain the full tax credits under the investment tax credits (ITC) squeaked through the state’s legislature and will now go for the signature of governor Phil Murphy, an ally of the offshore wind sector.
Related Knowledge Center: Climate legislation
The federal government and states are in the process of implementing two laws — the Infrastructure Investment and Jobs Act and the Inflation Reduction Act — an investment of more than a trillion dollars to address climate change.