Richmond partner Michael Woodard, who focuses on transactional work in alternative energy production, was quoted in a Sept. 9 Law360 article titled “Solar Project Forecast Dims with Tax Credit Sunset.”
The article discusses the impending reduction in investment tax credit for installing wind, solar and fuel cell systems; at the end of 2016, it will change from 30 percent to just 10 percent.
“There is a big rush to get projects started − frankly, the utility-scale projects that aren’t into construction or having otherwise substantial progress are going to miss the window,” said Woodard. There will be fewer announcements of deals in the next six months or so.
In addition, the article says to expect members of Congress to rally in support of extending the tax credit of 30 percent beyond 2016.
“I think there’s enough folks in the market and focused beyond 2016 that, regardless of what happens with the tax credits, they will still be in there,” added Woodard.
Subscribers can read the full text of the article at law360.com.