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6 July 2016 the EFTA Surveillance Authority (ESA) approved the changes to the Norwegian depreciation rules for wind power plants. NORWEA, assisted by Arntzen de Besche, has been a driving force in the long process towards a harmonization of the playing field within the joint certificate market and is now happy to see a positive conclusion.
Instead of being based on the lifetime of the equipment, the new rules entail that assets for wind power plants are depreciated over five years. The advantage for the beneficiaries is an increased present value of these deductions from taxable income.
The objective is to promote the production of renewable energy in Norway. In particular, the measure aims at increasing wind power production taking into account the considerable unexploited potential of wind power in Norway.
The statement from ESA can be found here.
For further information, please read NORWEA’s press release here.