Banks Lured By ‘Sexy’ Solar, Wind Energy Projects

Bloomberg.com reports that about 30 banks including BNP Paribas SA and Rabobank Nederland NV are being lured back into financing “sexy” U.S. renewable energy projects following an $80 billion government investment in the industry, according to a project manager. A two-year extension to the renewable energy tax grants was introduced in the House yesterday. Passage may be delayed until the fourth quarter, so that developers seeking to benefit from the incentives hire workers to complete projects this year, said Todd Coles, a partner at Troutman Sanders LLP in Washington.

“If the extension is put in place now, the immediate effect on jobs would be diminished,” Coles said on a panel today. “But at some point you’ll have projects stop moving forward without an extension.”

5 February 2010