Tax credits will help Fishermen’s Energy

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CAPE MAY – Investment Tax Credits for wind energy which were extended as part of the fiscal cliff deal recently approved by Congress will help New Jersey capture the economic benefits of offshore wind at a significantly lower cost, according to Fishermen’s Energy.

The Cape May-based company has federal and state permits construction for a demonstration offshore wind farm to be built off Atlantic City. Fishermen’s Energy is now selecting a contractor for the project.

Company communications director Rhonda Jackson said the tax credit, coupled with a recent Department of Energy grant to Fishermen’s Energy, means the Atlantic City demonstration project will keep New Jersey in a leadership position in offshore wind, “set to capture the industry, build new manufacturing facilities, inspire investment and most of all create hundreds of jobs.”

Construction in Atlantic City is planned to commence onshore in 2013 with offshore construction and commissioning of the first grid-connected offshore wind farm in the United States in 2014.

Fishermen’s Energy is a developer of offshore wind energy projects, founded by New Jersey commercial fishermen to respond to the public’s need to develop the ocean for renewable wind energy. The company’s goal is to turn Atlantic coastal waters into a source of clean energy while maintaining a vibrant commercial fishing industry.

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