Spanish Company has Received more than $2 Billion in U.S. Grants and Tax Credits
The federal government has provided billions of dollars in grants and special tax credits, even to companies based in countries outside the United States.
Iberdrola, Spain’s largest electricity provider but hardly a name familiar to most Americans, has raked in more than $2 billion—billion with a “b”—from the U.S. Treasury by investing in American power plants and renewable forms of energy, such as wind farms, according to a report (pdf) from Good Jobs First. The funds come via a provision in the 2009 Recovery Act that allows companies to take cash payments in lieu of tax credits for some investments.
American energy companies also have benefited from the grants and tax credits, which have totaled $68 billion since 2000. U.S. firms each getting more than $1 billion include NextEra Energy (parent of Florida Power & Light), NRG Energy, Southern Company, Summit Power and SCS Energy.
Another 21 companies have received $500 million or more since 2000, while 98 have received $100 million or more.
To Learn More:
Uncle Sam’s Favorite Corporations (Good Jobs First) (pdf)
Iberdrola to Buy UIL for $3 Billion for U.S. Expansion (by David Stringer and Rodrigo Orihuela, Bloomberg)
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