DOE Funds $500M in Direct Grants for Renewable Energy Projects

DOE Funds $500M in Direct Grants for Renewable Energy Projects

September 1, 2009 15:25

As Congressional action stalls on pending climate change and renewable energy legislation that could adopt a national renewable portfolio standard and mandate greenhouse gas reductions, the U.S. Department of Energy is accelerating its funding announcements under this year’s stimulus legislation.

On Tuesday, DOE Secretary Steven Chu announced $500 million in cash assistance awards for wind and solar clean energy projects in eight states, providing upfront capital and funding the creation of green jobs.

Under Section 1603 of the American Recovery and Reinvestment Act, enacted in February, the program is ultimately scheduled to provide more than $3 billion for direct cash grants in lieu of renewable energy tax credits to support biomass, solar, wind and other types of renewable energy facilities all over the country.  The Treasury Department released the applications for these grants on July 31 and, in announcing the funded projects Tuesday, DOE made the first awards in half the mandated 60 day time frame.

“The Recovery Act is investing in our long-term energy needs while creating jobs in communities around the country,” said Treasury Secretary Tim Geithner in a press release. “This renewable energy program will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalize our nation’s economy.”

Chu said, “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.”

Funded projects include solar projects in Colorado and Connecticut and wind projects in Maine, Minnesota, New York, Oregon, Pennsylvania and Texas.  For the complete list of projects, click on this link:

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The business case for the development of renewable energy projects, from biodiesel and ethanol to wind, solar, and distributed generation, is more compelling than ever as tax and regulatory incentives combine to attract investments. Emerging issues in environmental law and increasingly recognized principles of corporate social responsibility are encouraging public companies to voluntarily reduce greenhouse gas emissions, install clean energy alternatives, and invest overseas in projects under the Kyoto Protocol to respond to climate change concerns.

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