It aims to deliver the towers between 2024 and 2028, with the majority of orders destined for wind farms that are "currently under construction in the south-west" of the US.
Its new manufacturing plant in Belen, New Mexico is “strategically located” to supply the projects related to the orders, Arcosa explained.
Arcosa cited US president Joe Biden’s landmark IRA legislation – which provides around $369 billion in spending to encourage green energy manufacturing and deployment – as having a direct impact on the orders.
The $750 million in new orders for wind turbine towers are eligible for the advanced manufacturing tax credit included in the IRA, Arcosa explained. The IRA incentivises domestic production related to renewables by offering a tax credit equal to 10% of the cost of manufacturing renewable energy products.
“The outlook for our wind business remains favourable, reflecting rising demand for access to clean energy. Since the passage of the Inflation Reduction Act, we have received wind tower orders in excess of $1.1 billion,” Antonio Carillo, Arcosa's CEO and president, said.
