Saturday, July 25th, 2009 | Author:

The recent economic downturn has had a stifling effect on the advancement of wind power projects in the second quarter of 2009. According to the American Wind Energy Association, only 1,200 megawatts of new projects were completed in that quarter, as compared to almost 10 GW completed in the previous 12 months. That turns out to be a reduction down to about half the average of completed wind power projects.

Wind power development in the United States has made the U.S. the largest wind market in the world. This fast development was fueled mostly by 30% tax breaks which appealed to big investment banks that have a fondness for tax equity investing deals. Now that the economy is in the pits and many of those banks no longer exist and others are more cautious about their investing despite the tax breaks, the wind industry has taken its share of the economic blows.

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