The goal of the tax credit, also referred to as Section 48C of the Internal Revenue Code, is to help build a robust, high-technology domestic manufacturing capacity to supply clean energy projects with U.S.-made parts and equipment. The credit supports several critical components of the Recovery Act, including job creation and investment in the domestic renewable energy industry, and will assist Shaw in continuing its role in moving the commercial nuclear industry forward.
Shaw Modular Solutions is a state-of-the-art, 410,000-square-foot facility that will assemble structural, piping, equipment and other modules for new nuclear power plants including Westinghouse AP1000(TM), the world's safest and most economical commercial nuclear power technology. Shaw Modular Solutions will incorporate modern modular construction techniques that result in a shortened schedule and reduced capital costs for new nuclear power plants.
Up to $2.3 billion in credits have been allocated by the U.S. government for advanced energy projects, which will support total capital investments of almost $7.7 billion in new renewable and advanced energy manufacturing projects. The tax credit provides a 30 percent credit for investments in new, expanded, or re-equipped advanced energy manufacturing projects.
Both the Department of Energy and the Internal Revenue Service evaluated and ranked applicants based on a variety of factors, including expected job creation, reduction of greenhouse gas emissions and air pollutants, technological innovation and regional economic development.
"As President Obama stated during his announcement today, these projects must help close the clean energy gap that has grown between the U.S. and other countries, they must reduce our emissions and they must increase our energy security," said J.M. Bernhard Jr., chairman, president and chief executive officer of Shaw. "Shaw is at the forefront of this commitment through our leadership in the revival of the commercial nuclear energy industry."
In addition to the company's long-term investment in Shaw Modular Solutions, Shaw currently is providing engineering, procurement and construction services for six new nuclear units in the U.S., the first contracts awarded in nearly 30 years for new nuclear builds.
The Shaw Group Inc. (NYSE:SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2009 annual revenues of $7.3 billion, Shaw has approximately 28,000 employees around the world and is the power sector industry leader according to Engineering News-Record's list of Top 500 Design Firms. For more information, please visit Shaw's Web site at www.shawgrp.com.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans" or other similar expressions) and statements related to revenues, earnings, backlog or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's Web site under the heading "Forward-Looking Statements." These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis, visit our Web site at www.shawgrp.com.
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