SunPower and the tax credit
By Matt Daily
NEW YORK (Reuters) - Solar power company SunPower Corp (SPWR.O: Quote, Profile, Research) will meet its financial forecasts this year and in 2009, even if the U.S. government fails to renew tax incentives that expire at the end of the year, Chief Executive Officer Tom Werner said on Tuesday.
The U.S. Congress has yet to pass an extension of the Investment Tax Credit (ITC) for solar installations or similar incentives that reduce the costs of wind, biomass and other renewables that would be acceptable to the White House.
"We control our own destiny, (and) we'll be able to enter other new markets rapidly, and we believe we can hold our guidance for '08 and '09, even if the ITC doesn't pass, by moving business elsewhere," Werner told the Reuters Global Energy Summit.
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