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The US Treasury announces US$500m for clean and renewable energy projects

US Treasury Secretary Tim Geithner and Energy Secretary Steven Chu have announced US$502 million in the first round of awards from an American Recovery and Reinvestment Act programme providing cash assistance to clean and renewable energy production companies in place of earned tax credits.

Treasury Secretary Geithner, says: “This renewable energy programme will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalise our nation’s economy.”

Energy Secretary Chu adds: “These grants will help America's businesses launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs. The initiative will help double our renewable energy capacity over the next few years and make sure America leads the world in creating the clean energy economy of the future.”

The programme is expected to provide more than US$3 billion in financial support for clean and renewable energy projects by providing direct payments in lieu of tax credits.

The payments will support an estimated 5000 renewable energy projects such as biomass, solar, wind, and other types of renewable energy production facilities in all regions of the country over the life of the programme.

As a result of the first round of funding, more than 2000 Americans will have access to jobs in the renewable energy industry – both in construction and in manufacturing – while moving the nation closer to meeting the Administration's goal of doubling renewable energy generation in the next few years, the Department of Energy (DoE) says.

The chart below shows projects funded as part of the announcement.

STATE
PROJECT
LOCATION
AMOUNT
 
CO
Movement Gym PV System (Solar)
Boulder, CO
$157,809
 
 
CT
Solaire Development, LLC
Danbury, CT
$2,578,717.00
 
ME
Evergreen Wind Power V, LLC
 
Danforth, ME
$40,441,471
 
MN
Moraine II Wind Farm
 
Woodstock, MN
$28,019,520
 
 
 
NY
Canadaigua Power Partners, LLC (Wind)
Cohocton, NY
$52,352,334
 
 
 
NY
Canadaigua Power Partners II, LLC (Wind)
Cohocton, NY
$22,296,494
 
OR
Wheat Field Wind Farm
 
Arlington, OR
$47,717,155.00
 
 
OR
Hay Canyon Wind Farm
Moro, OR
$47,092,555
 
OR
Pebble Springs Wind Farm
 
Arlington, OR
$46,543,219
 
 
PA
Highland Wind Farm
Salix, PA
$42,204,562
 
PA
Locust Ridge II, LLC (Wind)
 
Shenandoah, PA
$59,162,064
 
 
TX
Penascal Wind Farm
Sarita, TX
$114,071,646
 
 
 
 
$502,637,546
 

 

 

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