A state economic development board voted Thursday to give state tax refunds to an international renewable energy company looking to invest $307 million to build a 188-megawatt solar installation in Fleming County.
The Kentucky Economic Development Finance Authority awards most financial incentives including grants, tax breaks and more to companies through the Cabinet for Economic Development. Spain-based ACCIONA Energy isreceiving a $400,000 a sales and use tax refundon research and development and electronic processing equipment.
The refund is through the Kentucky Enterprise Initiative Act, only the second time the board has awarded such incentives to a planned solar installation project in Kentucky, according to astate databaseof financial incentives.
The Martin County Solar Project,backed by a company led by former Democratic State Auditor Adam Edelen, received a state tax refund of $600,000 through the Kentucky Enterprise Initiative Act in 2021. That project and Florida-based solar developer BrightNight have also received local bonds as well.
During the board meeting, members of the state board including board chair Jean Hale, who served as president and CEO of Community Trust Bancorp., questioned a director for ACCIONA Energy about how the electricity from the project would be used, along with decommissioning plans for the project decades in the future.
Brian Dunneback, director of business development for ACCIONA Energy, said the power generated from the 1,200-acre solar installation would be supplied to East Kentucky Power Cooperative and the larger PJM electric grid, and the company had decommissioning plans.
“We’ve done a number of environmental studies that include wetlands, critical habitat assessment to make sure that we’re avoiding any impacts to any kind of critical wetlands,” Dunneback said.
Jeff Noel, the secretary for the Cabinet of Economic Development, thanked the board chair after the vote, saying prospective companies are looking for access to renewable energy.
“There’s a lot of interdependencies as it relates to these kinds of projects with our ability to attract and even help existing companies grow in those situations where the companies have made a commitment to their shareholders, to their customers, and to their employees that they will have a certain percentage of renewable energy,” Noel said.
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