Boston Energy, a global wind-turbine maintenance company, will make Rhode Island the home of its U.S operations. Boston Energy, which will be based at the Cambridge Innovation Center in Providence, will create more than 50 jobs in the Ocean State.
“Rhode Island is a leader in offshore wind,” said Governor Gina M. Raimondo (D-R.I.). “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.”
The Board of the Rhode Island Commerce Corporation last evening approved Boston Energy to receive tax credits under the Qualified Jobs Tax Credit program for up to $86,625 a year for 10 years with the company committed to keeping the jobs in Rhode Island for at least 12 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 12 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 U.S. 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.
With the addition of Boston Energy to the state, Rhode Island is projected to realize a net increase of $5.7 million in personal income, sales, and business corporation taxes resulting from the new hires, as well as an increase of $7.7 million in Rhode Island’s annual GDP once the new hires are in place, according to third-party economic impact analysis. As with all recipients of the Qualified Jobs tax credit, no funds are awarded until the hires are made and paying state taxes for one year.
This is the latest announcement in a string of developments putting Rhode Island at the forefront of the U.S. offshore wind industry. In June, GEV announced that Rhode Island would be the home of its U.S Headquarters creating more than 120 jobs in the Ocean State. Rhode Island is home to the first — and still only — offshore wind farm in the country, and the Revolution Wind project announced last year is expected to create more than 800 jobs clean energy jobs with the potential to power half the homes in Rhode Island.
Additionally, Ørsted and Eversource, the companies behind the Revolution Wind project, have pledged $4.5 million to support offshore wind education and supply chain development for the growing offshore wind industry in Rhode Island. There are now 16,000 jobs in Rhode Island’s clean energy economy, a 74% increase since 2014.
“We welcome this terrific British company to Rhode Island. Boston Energy has decided to become part of the strong and growing offshore wind industry here in the Ocean State,” said Rhode Island Commerce Secretary Stefan Pryor. “We’re very pleased that, under Governor Raimondo, our parallel efforts — growing the wind energy industry from the ground up right here in Rhode Island and recruiting companies from around the world — are coming to fruition. We will continue working at it because much more is possible.”