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Norfolk Southern sues over its stake in wind power
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Norfolk Southern Railway Co., trying to preserve tax benefits it gained by investing in wind power generation facilities, filed a lawsuit Friday in U.S. District Court in Norfolk against Caithness Western Wind Partners LLC of New York and two related en ities. Caithness wants to sell certain wind power facilities over the objection of Norfolk-based Norfolk Southern, which invested more than $16.1 million with Caithness over the past four years to gain federal tax credits for renewable energy investments, acco ding to the filing. The railroad said its investments were based on the partnership lasting through at least 2011.
Norfolk Southern contends any sale requires its written consent and that, if the transaction goes through, the railroad will have to pay millions of dollars in taxes and would be greatly harmed. It is seeking to block the sale. Michael Cole, an attorney with Caithness Energy LLC, the manager of Caithness Western Wind Partners, did not return calls for comment Tuesday.
By Gregory Richards
Knight Ridder Tribune Business News
18 July 2007
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