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Deepwater Says Offshore Wind Farm to Meet Credit Deadline

Deepwater Wind LLC, the renewable-energy developer planning wind projects off the U.S. Atlantic Coast, expects its Block Island Wind Farm to qualify for a federal tax credit that expires this year.

The company has spent more than a 5 percent threshold on the 30-megawatt project off the coast of Rhode Island, Chief Executive Officer Jeff Grybowski said yesterday in an interview. That will let the $300 million wind farm qualify for the federal investment tax credit.