GEV Wind Power, a global wind-turbine O&M company, will make Rhode Island the home of its U.S headquarters. According to the company, it will create approximately 125 jobs consisting of blade technicians, support staff and management.
“As we gear up, there will be a tangible opportunity for Rhode Islanders to come and talk to us about the options for an exciting career in wind energy and join what is becoming one of America’s fastest growing industries,” said Daniel Boon, the U.S. General Manager for GEV.
The Board of the Rhode Island Commerce Corporation approved GEV Wind Power to receive tax credits under the Qualified Jobs Tax Credit program for up to $1.93 million over a 10-year period. The actual tax credit amount will be determined by the number and wages of the new jobs created. As with all
Qualified Jobs tax credits, credits are only awarded after jobs are created and generating state income tax withholdings. The company has committed to maintaining the jobs for at least 12 years.
“Rhode Island is a national leader in offshore wind, and I’m thrilled that GEV Wind Power is choosing our state for its U.S. headquarters,” said Governor Gina Raimondo. “Over the past few years, we’ve created nearly 7,000 clean energy jobs and are on track to meet our goal of increasing renewable energy tenfold by next year. As this industry continues to grow, we will keep working to ensure Rhode Island remains the economic epicenter of offshore wind in the United States.”
This is the latest announcement in a string of developments putting Rhode Island at the forefront of the U.S. offshore wind industry. Rhode Island is home to the first offshore wind farm in the country, and the recently announced Revolution Wind project is expected to create more than 800 jobs clean energy jobs with the potential to power half the homes in Rhode Island.
Additionally, Ørsted and Eversource, the companies behind the Revolution Wind project, have pledged $4.5 million to support offshore wind education and supply chain development for the growing offshore wind industry in Rhode Island. There are now 16,000 jobs in Rhode Island’s clean energy economy, a 74% increase since 2014.
Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of $3.5 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $13.67 million in Rhode Island’s annual GDP once the new hires are in place.
The Qualified Jobs Tax Credit program has now helped 31 companies agree to relocate or expand in Rhode Island. The program is helping to generate more than 3,400 jobs and add nearly $500 million to Rhode Island’s annual GDP.