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Our attorneys stay on top of changes in legislation, agency regulations, case law, and industry trends—then craft timely legal alerts to keep clients up to date on legal developments important to their business.

May 8, 2020

Extension for PTC and ITC in the Works

In the wake of COVID-19, a major issue solar and wind developers have been grappling with is whether they will be able to still qualify for the Production Tax Credits (PTC) or the Investment Tax Credits (ITC) despite not being able to construct projects due to stay-at-home orders.

For wind and solar projects that have started construction to qualify for either the PTC or ITC under a continuity safe harbor rule set forth in US Department of Treasury guidance, construction work must then be completed in a four-year window. Recently, construction has stalled due to the pandemic, leaving developers with financial uncertainty. Renewable energy experts have been warning that many renewable projects are at risk of missing the existing deadlines. The timelines were tight to begin with and became almost impossible due to the manufacturing, supply chain, workforce, and regulatory disruptions caused by COVID-19.

There is good news on the horizon for wind and solar developers, though. The Department of Treasury has recently indicated plans to grant additional time for renewable energy projects to finish construction. Frederick Vaughan, the Department of Treasury’s principal deputy assistant secretary for legislative affairs, wrote to Senate Finance Committee chair and Iowa Senator Chuck Grassley that “the Department of the Treasury appreciates your concern and plans to modify the relevant rules in the near future” with respect to the PTC and ITC.

Our regulatory and renewable energy attorneys will continue to monitor any developments regarding the PTC and ITC and will issue subsequent legal alerts.

If you have any questions regarding the subject of this alert, the PTC and ITC, or any other issues regarding renewable energy projects, please contact Brenda Colella, Regulatory Practice Area co-chair and co-team leader of the Renewable Energy and Energy Markets Teams, at bcolella@barclaydamon.com; Ekin Senlet, partner, at esenlet@barclaydamon.com; or Angela Sicker, law clerk, at asicker@barclaydamon.com.

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