Taxes Consolidation Act 1997 section 486B

Relief for investment in renewable energy generation

Section 486B provided relief for corporate equity investment in certain renewable energy generation projects, available from 18 March 1999 until 31 December 2014.

• A company investing in new ordinary shares of a qualifying renewable energy company could deduct the investment from its total profits, with any excess carried forward to succeeding accounting periods.
• Qualifying projects in solar, wind, hydro or biomass technologies required certification by the Minister for Communications, Energy and Natural Resources, and the invested funds had to be used within two years.
• Relief per project was capped at the lesser of 50 per cent of relevant capital expenditure (excluding land costs and net of grants) or €9,525,000, with an annual cap of €12,700,000 per investor company or group of connected companies.
• Relief was withdrawn if the investor disposed of the shares within five years, if the ministerial certificate was revoked, or if any condition of the relief was not met.