Gov. Bill Ritter and Denver Mayor John Hickenlooper today announced that REpower USA Corp. is relocating its U.S. corporate headquarters from Oregon to Denver. The business, which is responsible for USA sales, project management and service for REpower turbines, is one of the first to take advantage of job incentive funds available through a new state law: the Colorado Job Growth Incentive Program (HB 09-1001).
"I am honored and privileged to welcome REpower to Colorado as the newest member to our New Energy Economy," said Gov. Ritter. "Even in these tough times, we're investing in things that matter to businesses like REpower: education, transportation, healthcare, the environment, and in businesses themselves. REpower is one of the first companies to take advantage of the Colorado Job Growth Incentive Program, demonstrating that even in these tough times, Colorado is an attractive place for companies to do business and for employees and their families to live, work and play. REpower's decision to relocate its headquarters to Denver is further testament to the strength of Colorado's business ecosystem and another great example of how we are leading Colorado forward."
House Bill 09-1001 created the Colorado Job Growth Incentive Program, which allows Colorado to strategically compete for jobs by providing tax incentives to companies that move to Colorado and create at least 20 new jobs in urban areas or at least 5 new jobs in rural areas. REpower's Denver office will initially be made up of about 25 relocating or newly hired employees, with staff levels expected to double within the next year.
"To maintain REpower's future competitiveness and meet our customers' needs in the growing US marketplace, it is crucial to be strategically located and close to all our customers and projects," said Steve Dayney, CEO of REpower USA Corp. "Denver – centrally located, with an excellent national and international transportation infrastructure and supportive business climate – provides those characteristics we believe will help us succeed in meeting our US business goals."
REpower USA Corp. is the wholly-owned subsidiary of German wind energy manufacturer REpower Systems AG. To date, REpower USA Corp. has installed or sold over 300 wind energy turbines with a total rated output of more than 600 megawatts in the United States. REpower customers in the US include enXco, a subsidiary of EDF Energies Nouvelles, John Deere Renewables and Cannon Power.
"We are proud to welcome REpower to downtown Denver and pleased to see a company taking advantage of our central location, highly-educated work force and growing transportation system," said Mayor John Hickenlooper. "Colorado is fast becoming the epicenter for renewable energy. REpower's decision to relocate its headquarters here is a welcome boost to our local economy and will help shine the light on all of the good things happening in our region."
About the Colorado Job Growth Incentive Program (HB 09-1001)
- The program's goal is to attract and create jobs throughout Colorado. In order to qualify for this program, a company must create at least 20 new jobs in an urban area or 5 new jobs in rural areas. Jobs must pay at least 110% of the county wage.
- A company must create and maintain any new job for one full year before becoming eligible to receive this credit.
- The amount of the tax credit will be calculated on a case-by-case basis according to the company's future Federal Insurance Contributions Act (FICA) taxes. The company will be eligible to receive a tax credit up to 50% of their annual FICA taxes on new FTE's.
- The Economic Development Commission determines which projects are eligible for the tax incentive.
- The program allows Colorado to finally compete in the national and international economic development picture.