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Senate Approves New Legislation Supporting Wind and Solar Companies

Posted on: Monday, 14 April 2008, 09:01 CDT

WASHINGTON, April 14 /PRNewswire/ -- The U.S. Senate has approved legislation renewing the incentives which encourage construction of wind and solar energy projects. The Clean Energy Tax Stimulus Act of 2008 passed the Senate with overwhelming bi-partisan support in an 88 to 8 vote.

Wind and solar industry associations lobbied for months to renew the tax credits which helped to spur record growth in both industries over the past five years. Gregory Wetstone of the American Wind Energy Association stated: "With 116,000 jobs and $19 billion in clean energy investment at risk from the looming expiration of renewable energy tax credits, the Senate has recognized the urgency of taking timely action to extend these incentives."

Lazard analyst Sanjay Shrestha placed a new buy rating on solar cell manufacturer JA Solar . Bank of America issued a buy rating for First Solar , a world leader in solar semiconductor technology.

CNBC analyst Francis Gaskins put a new higher $4.00 target on wind company NACEL Energy (BULLETIN BOARD: NCEN) . NACEL Energy develops utility class wind power and just announced two new Texas projects -- Blue Creek, a 20-megawatt facility north of Amarillo, TX and Channing Flats, a 20-megawatt project in Moore County, TX.

A Before the Bell(TM) renewable energy update.

Before the Bell

CONTACT: Before the Bell, 1-888-249-3011

Source: PRNewswire

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