Apr 17 2008
After months of intense effort to secure renewal of tax credits and other incentives which have helped spur record growth in the use of renewable energy, solar and wind power companies were rewarded when the U.S. Senate passed The Clean Energy Tax Stimulus Act of 2008 with strong bi-partisan support in an 88 to 8 vote.
The legislation was co-authored by Senators Maria Cantwell (D-WA) and John Ensign (R-NV).
"Satisfying our energy needs and reducing our reliance on foreign sources is a challenge that we must meet, but that can only happen with the right incentives in place," Sen. Ensign said.
The favorable Senate vote for renewable energy was widely anticipated on Wall Street. CNBC guest analyst Francis Gaskins put a new higher $4.00 target on wind company NACEL Energy (OTC Bulletin Board: NCEN). NACEL Energy announced two new wind power projects in West Texas last month -- Blue Creek, a 20-megawatt facility north of Amarillo, TX and Channing Flats, a 20-megawatt project in Moore County, TX.
CIBC World Markets put a $17 target on Solarfun Power (Nasdaq: SOLF) which closed Tuesday at $14.60 and Lazard upgraded LDK Solar (NYSE: LDK). LDK announced it sold all 2008, and most of 2009, solar wafer production.