Maryland Legislature Overrides Governor’s Veto, Approving Expansion of the State’s Renewable Portfolio Standard
For Immediate Release – February 3, 2017
Washington, D.C. – The Maryland Senate, following similar action by the House earlier this week, voted to override Governor Larry Hogan’s veto of legislation to increase the use of renewable energy in the state. The Clean Energy Jobs Act (SB 921), which raises the state’s renewable portfolio standards (RPS) by 5% to 25% renewable energy power generation by 2020, passed with overwhelming support (88-51) from lawmakers.
“We are thrilled that Maryland legislators are moving the state forward in support of this important economic opportunity,” said Greg Wetstone, President and Chief Executive Officer at the American Council On Renewable Energy (ACORE). “Maryland has long been a leader on renewable energy policy, helping create a robust market for renewable energy generation. The state currently has over 702 megawatts (MW) of renewable energy generation and has attracted almost $1.4 billion in asset finance, private equity and venture capital to the sector since 2008.”
“After the governor’s veto, ACORE’s U.S. Partnership for Renewable Energy Finance (US PREF) prepared an in-depth report to share with key lawmakers on the importance of renewable energy policy for increasing investments and capital flows in the state” said Todd Foley, Senior Vice-President of Policy and Government Affairs. “The US PREF analysis highlighted that increasing the state’s RPS from 20% to 25% by 2020 would result in approximately $8.22 billion in additional investments and economic opportunity. We are delighted to see Maryland joining the growing number of states pursuing stronger renewable energy goals and look forward to continuing to work hand-in-hand with legislators to modernize our power system and grow our country's economy."
ABOUT US PREF: The U.S. Partnership for Renewable Energy Finance (US PREF) is a coalition of senior-level officials with companies that finance, develop, manufacture, and use renewable energy. US PREF members focus on increasing capital formation and investment in renewable energy and educating the public sector to ensure that policy impacts the market as efficiently and effectively as possible. US PREF is a program of the American Council On Renewable Energy (ACORE), a Washington, D.C. based non-profit organization that unites business, policy, and finance to accelerate the transition to a renewable energy economy. www.uspref.org
ABOUT ACORE: The American Council On Renewable Energy (ACORE) is a national non-profit organization dedicated to providing value to the renewable energy industry through market development, policy changes, and finance. With hundreds of member companies from across the spectrum of renewable energy technologies, consumers, and investors, ACORE is uniquely positioned to promote the policies and financial structures essential to growth in the renewable energy sector. The organization’s annual conferences in Washington, New York and San Francisco set the industry standard in providing important venues for key leaders to meet, discuss recent developments, and hear the latest from senior government officials and seasoned experts. www.acore.org
ACORE Media Contact:
Anna Hahnemann, ACORE