Wind power has been one of the fastest growing sources of power generation globally. In the United States, which has surpassed Germany as the largest wind power market, the five-year average (2004-2008) annual growth rate for wind power installations was 32%, according to the American Wind Energy Association (AWEA). With an installed base of 25,369 MW in operation at the end of 2008, the U. S. was also the 2008 world leader in new wind installations. While AWEA estimates a slower growth rate in 2009, wind power installations are still projected to grow by 5,000 MW (20%) or more this year. The American Recovery and Reinvestment Act (ARRA) of 2009 extended the production tax credit for the wind industry to 2012, with an alternate option to secure a grant from the Treasury Department in the amount of a 30% investment tax credit.
“We believe renewable energy provides growth opportunities for Magnetek,” said Peter McCormick, chief executive officer. “We look forward to fulfilling this order for our customer, as we continue to work on the development of additional advanced power conversion solutions for both the wind and solar markets.”