U.S. Renewable Energy Group Responds to Unfair MSNBC Article: Facts About the 615-Megawatt Wind Energy Project in West Texas

WASHINGTON, Dec. 10, 2010 /PRNewswire/ -- On December 9, 2010, MSNBC posted on its website an article that contained a number of biased statements and inaccuracies about US-REG and its Texas wind farm project.

US-REG is one of the investors currently constructing a 615MW wind farm in West Texas. In August 2010, U.S. Steelworkers (USW) signed an historic agreement to supply the steel for this project.  This project is using a combination of Chinese funding and US private investment to build a majority U.S.-owned project on United States soil that will generate thousands of American jobs and utilize tens of thousands of tons of steel manufactured in America. 

In building the West Texas wind farm, the objective of US-REG is the construction and operation of a world-class, smart-grid clean energy project that will create U.S. jobs, grow the U.S. manufacturing base and represents truly global integration of advanced, state-of-the-art renewable technologies.

Setting the Record Straight: More Facts About US-REG and its West Texas Wind Farm Project

• No U.S. Government monies of any kind have been received by the project, and 100% of the investment in the project has come from either the Shenyang Power Group or US-REG Wind Partners One, and all monies paid thus far have gone to U.S. companies and property owners.
• US-REG's objective is and will continue to be the construction and operation of a world-class, smart-grid clean energy project that creates American jobs and represents a truly global integration of advanced, state-of-the-art technologies, implemented through the cooperation of the leading experts from around the globe.  The agreement between the parties has been made public and is available for anyone to review.
• No U.S. Government official has been asked to intervene on our behalf to the Department of Energy for the Loan Guarantee.

The Vast Majority Of Jobs Created By The 615 MW Wind Project Will Be In The United States, And A Minimum Of 70 Percent Of Each Wind Turbine Will Be Manufactured In The U.S.

• The vast majority of jobs created by the 615 MW wind farm will be in the United States and done by American workers.
• A minimum of 70 percent of each wind turbine, including the massive towers and blades, will be wholly manufactured in the United States and made of American steel.

This $1.5 Billion Investment In American Wind Energy Will Pump Millions Of Dollars Into Local Economies, Pay Out Hundreds Of Millions In Federal Tax Revenue, And Provide Clean Renewable Energy To 180,000 American Families.

• This wind project is a $1.8 Billion investment in the American wind energy sector, providing millions of dollars in revenue to landowners, construction workers, engineers, developers, and local governments, as well as hundreds of millions in federal tax revenue paid out over the lifespan of the project – far exceeding any incentives provided to the project and thus repaying to the U.S. Government and American taxpayer any incentives that the project might receive.  
• The 615 MW wind project will supply clean energy to approximately 180,000 American families. 

U.S. Clean Energy Incentives Are Essential To Developing America's Wind Energy Industry And Growing America's Renewable Energy Sector.

• The 615 MW project will spread the growth of renewable energy in the U.S., build the infrastructure of America's new energy economy, and create American jobs at all levels: manufacturing, assembly, construction, transportation, and maintenance.
• Without these federal incentives, most American wind projects would be forced to layoff workers, go out of business or sit idle until energy prices rise, further stalling much needed growth in the American renewable sector.

About US-REG

The United States Renewable Energy Group is a U.S.-based private equity firm that mobilizes and facilitates the participation of international financing and investment in large-scale renewable energy projects within the United States. US-REG's mission is to integrate renewable and environmentally sound energy technologies into the American marketplace, while generating tremendous returns with a range of smart and strategic investments in clean energy. US-REG is devoted to strengthening America's energy independence, environmental quality, and economic vitality through investments in utility-scale projects in wind, hydro, geothermal, solar, and bioenergy. US-REG mobilizes and facilitates the participation of international financing and investment in renewable energy projects within the United States.  By facilitating the expansion and development of business strategies through managing risks and complexities associated with foreign financing and investment, USREG provides American businesses with access to international investment options, fosters economic development of the U.S. renewable energy industries and generates new high paying jobs for Americans. To learn more about US-REG visit www.US-REG.com.

SOURCE U.S. Renewable Energy Group