FOR IMMEDIATE RELEASE: Thursday, September 20, 2012
CONTACT: Ian Koski (Coons) at 202-224-4216
Coons-Moran bill to spark investment in clean energy gathers momentum with House companion introduced
Silicon Valley Leadership Group latest to endorse Master Limited Partnerships Parity Act, which levels playing field between clean, traditional energy projects
WASHINGTON – Momentum is building behind legislation introduced by U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.) to unleash new investment in clean energy projects, with Representatives Ted Poe (R-TX-02) and Mike Thompson (D-CA-01) introducing a companion version to the Master Limited Partnerships Parity Act in the House of Representatives on Wednesday.
“The MLP Parity Act levels the energy playing field and gives investors in clean energy projects access to a decades-old tax structure currently reserved only for fossil-based projects,” Senator Coons said. “This straightforward, powerful tweak to the tax code levels the playing field and has the potential to bring significant private capital off the sidelines and into clean energy projects.”
“Master limited partnerships have been largely responsible for the tremendous growth in our country’s energy infrastructure,” Senator Moran said. “In order to grow our economy and increase our energy security, sound economic tools like the MLP should be expanded to include additional domestic energy sources. This legislation simply builds on a successful model, and I look forward to working with my Senate colleagues as well as our colleagues in the House of Representatives on policies that will drive innovation, create American jobs, and grow our economy.”
“As recent studies have shown, it is entirely possible that North America could be 100% energy independent in the near future,” Representative Poe said. “One way to achieve this goal is to produce as much domestic energy as we can. This bill is one step closer to that goal.”
“We need an all-the-above approach to America’s energy future,” Representative Thompson said. “This bill levels the playing field and frees up money for private investment in renewable energy. It will help us create jobs, strengthen our national security, reduce our dependency on foreign oil and move closer to energy independence.”
The Silicon Valley Leadership Group has also added its voice to the chorus of business leaders and energy experts who have endorsed the MLP Parity Act.
“The Silicon Valley Leadership Group is pleased to support the Master Limited Partnerships Parity Act, bipartisan legislation that is necessary to allow all sources of domestic energy to compete on a level playing field,” CEO Carl Guardino said. “Its potential to reduce the cost of financing clean energy projects and grow an entire industry is vital to the nation’s economy, environment, energy security, and international competitiveness. This legislation would positively impact the financing options available to many of our innovative clean tech member companies.”
The MLP Parity Act has been endorsed by the American Wind Energy Association, Third Way, Solar Energy Industries Association, Biomass Power Association, Biotechnology Industry Organization, Ocean Renewable Energy Coalition, American Council on Renewable Energy, Natural Resources Defense Council, Advanced Biofuels Association, Offshore Wind Development Coalition, and the Advanced Ethanol Council.
A more detailed white paper on the MLP Parity Act can be downloaded here: http://coons.senate.gov/download/mlp-white-paper.
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