UK wind turbine maintenance company Boston Energy will make Rhode Island the home of its US operations, the Rhode Island Governor Gina Raimondo announced.
The Board of the Rhode Island Commerce Corporation has also approved Boston Energy to receive tax credits under the Qualified Jobs Tax Credit program for up to USD 86,625 a year for ten years, with the company committed to keeping the jobs in Rhode Island for at least twelve years.
The actual tax credit amount will be determined by the number and wages of the new jobs created. As with all Qualified Jobs tax credits, credits are only awarded after jobs are created and generating state income tax withholdings. The company has committed to maintaining at least 52 full-time jobs for at least twelve years.
“Rhode Island is vying to be a center of excellence for offshore wind in America. The geographical location and support offered by Governor Raimondo, Commerce Secretary Pryor and their teams has been critical to our decision in locating our US Headquarters in Providence. This will allow Boston Energy Wind Power Services to support the impending offshore wind energy industry right along the North Eastern seaboard,” said Mark Parkes , CEO and President of Boston Energy.
Boston Energy will be based at the Cambridge Innovation Center in Providence.
With the addition of Boston Energy to the state, Rhode Island is projected to realize a net increase of USD 2.4 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of USD 7.7 million in Rhode Island’s annual GDP once the new hires are in place, according to third-party economic impact analysis.
“Rhode Island is a leader in offshore wind,” said Governor Raimondo . “This development is further proof that we’re well-positioned to be the hub for this growing industry as we approach our renewable energy goal. Clean energy jobs are jobs of tomorrow, and I’m thrilled that yet another company in the wind sector supply chain is choosing to make the Ocean State home.”