Following the U.S. congress passes extension on solar investment trade credits (ITC), Shunfeng International Clean Energy (SFCE) reaffirms its commitment to the U.S. solar market and their subsidiary Suniva Inc. is well positioned as the second largest solar manufacturer in the U.S. with the right track of capacity expansion plan that SFCE announced at the time of acquisition in August 2015.
Last Friday, the U.S. lawmakers approved a five-year extension to the solar and wind investment trade credits (ITC) as part of omnibus spending bill, and it is believed the extension of the solar ITC will provide a significant boost to the industry and greatly facilitate the deployment of clean and affordable energy throughout the United States. According to GTM Research, it would result in 25GW of additional solar capacity over the next five years, which representing a 54 percent increase over a no-extension scenario.
"This is a fantastic development for clean energy in the United States," says SFCE CEO, Eric Luo. "This decision follows the truly transformative U.S.-led global agreement on climate and energy at COP21, reaffirming America's dedication to the clean energy revolution. The extension of the tax credits will help solidify the growing U.S. solar industry and establish clean energy as a real and affordable alternative to outdated reliance on fossil fuels.
"Suniva is a clear example of American leadership in the sector and the need for renewed investment in American manufacturing and products. Suniva's leading products are helping supply the growing appetite for well-made and efficient solar panels, and its capacity expansion to 400MW of Buy American Act (BAA) compliant solar products will further strengthen our competitiveness in the U.S. market."