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    Annual US Renewables Investment Expected To Grow Rapidly

    US Authorities Seek To Reduce Regulations On Offshore Wind

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Investment In Clean Energy Tech Crosses The $1 Trillion Mark

    South Korea Lowers The Renewables Target For Nuclear Power

    Sweden Aims To Legalise More Nuclear Power Plant Expansion

    Despite Challenges, EU New Wind Installations Rise By 33%

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    Refiners Should Not Be Making Above Normal Profits- Biden

    Cluster of Businesses Want The EU To Improve Energy Security

    Cluster of Businesses Want The EU To Improve Energy Security

    Enel plans to expand power distribution business into US

    In A Move To Avert Blackouts Australia Halts Power Market

    Central American Development Bank commits $800 million toward the fuel relief effort

    Central American Development Bank commits $800 million toward the fuel relief effort

    A New 500-MW Supercritical Coal-Fired Power Plant Going into Operationa in Philippines

    EU Reduces Plans of Fossil-Fueled Electricity By One-Third

    BP to invest up to £18 billion in UK energy system by 2030

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Array Technologies increased revenue 35% to US$872.7 million in 2020

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    Nordex Group: half-year sales rise to EUR 2 billion, earnings impacted by COVID-19

    GE Renewable Energy connects the world's most powerful hydro unit to the grid in Wudongde, China

    GE Renewable Energy connects the world’s most powerful hydro unit to the grid in Wudongde, China

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    Nine New Countries Sign Up for Global Offshore Wind Alliance at COP27 in Sharm El-Sheikh

    SolarDuck to build 5MW floating solar demonstrator integrated with offshore wind farm

    United Kingdom Onshore Wind Generation Has Now Reached 37GW

    ABO Wind connects first wind farm in Poland

    US Authorities Seek To Reduce Regulations On Offshore Wind

    Europe’s latest wind offshore auction mainly using non-price criteria is a success

    Italy's Innovatec targets EUR 100m in revenue from new solar business

    Italy’s Innovatec targets EUR 100m in revenue from new solar business

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Intersolar Europe 2022: Solar Energy in Germany Takes Center Stage

    Protermosolar adds value to the Spanish concentrated solar power industry in China

    SPI Energy Develops Utility Scale Solar Project in Maryland

    Lightsource BP pioneers UK's first night-time solar service

    Altus Power and Heliene Establish Strategic Partnership to Support U.S. Solar Module Manufacturing

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Annual US Renewables Investment Expected To Grow Rapidly

in News, Renewable Power

The flagship legislation, the Inflation Reduction Act, which is focused on speeding up decarbonization in the US, will push the annual renewables investment from $64 billion to almost $114 billion by 2031, as per a recent report. Boom Time: What the Inflation Reduction Act Means for US Renewable Manufacturers gives an initial understanding of how the legislation is going to help US renewable equipment manufacturing capacity expand by way of certain opportunities that will vary with each segment.

One of the authors of the report opined that there will be a complete reshaping of the renewable supply chain across the US by the IRA, which will incentivize the restart of facilities that are shut down as well as help provide options to develop a total equipment supply chain from the very beginning. It is assumed that 2 key provisions are likely to be the game changers for renewable equipment manufacturers. The first is going to be advanced manufacturing production credits, which provide tax credits for renewable equipment made in the US. The second provision will be to incentivize US renewable energy project developers to buy domestically manufactured equipment and give a surplus tax credit if they meet the threshold of the domestic content requirement.

To qualify for both, 40% of the total equipment utilised must be manufactured in the US and should be installed on the projects before 2025. 20% of these projects have to be offshore wind. The percentage will rise to 55% post-2026 as well as 2027 for offshore wind. This is going to be high stakes for sales of US equipment as the IRA shall provide incentives that shall cut the manufacturing cost of solar panels, wind towers, and storage equipment by anywhere between 4% and 30%. Along with this, some import tariffs will also put domestic manufacturing on a competitive footing based on cost as compared to equipment that is imported.

There is an expectation that the US onshore wind manufacturing sector will take full advantage of these credits, which will help OEMs reverse declining margins on equipment sales and also incentivize investment in manufacturing.

Because of the limited US manufacturing capacity as well as natural cost advantages over imports and the need to invest in domestic manufacturing, offshore wind manufacturers are expected to take into account the full value of the APMC.

The IRS—Internal Revenue Service—shall look into the eligibility requirements and guidance on how to get support on tax credits, which will happen to be an important factor for manufacturers’ investment decisions.

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