Utah Provides New Third-Party Financing Opportunities for Renewable Energy Projects
8/3/2010

Summary:

Stoel Rives attorney Julia Pettit discussed in Utah Business magazine the potential impact of a newly enacted Utah law providing for innovative financing options for certain renewable energy projects. HB 145 allows renewable energy power producers (solar and wind) to enter into power purchase agreements with Utah government and nonprofit entities, in exchange for tax benefits and payments from the customers, without being deemed to be a utility.

Pettit said the bill would begin to make Utah a player in the clean energy economy. "[Utah] has been a little behind the game in terms of really understanding the opportunities that are associated with renewable energy because its much broader than just a wind project or a solar project. It's really about taking a look at the global economy and finding a way to move forward and create new companies, new technologies, new jobs while we are also creating an opportunity for ourselves to become more energy independent."

"Power Up: HB 145 Equals a Cleaner Environment and Economy" was published by Utah Business magazine, July 22, 2010.