The U.S. treasury and energy departments announced an additional $550 million in awards for renewable energy projects under the Recovery Act.
Along with awards made earlier this month, the funding now totals more than $1 billion dollars under a program that provides up-front cash in lieu of 30% tax credits to project developers.
DOE said the payments improve project viability, enabling companies to create and retain renewable energy jobs, and establish sufficient financing bases for projects that may otherwise not be possible, dramatically expanding and accelerating the development of renewable energy projects throughout the country.
"These investments are crucial to ensuring America can compete and win in the race for the clean energy jobs of the future. With American workers and American innovation, we can and must lead the world when it comes to the new Industrial Revolution in clean energy," Energy Secretary Stephen Chu said.
Project developers receiving awards through this program participated in today’s meeting, including Ameresco, First Wind, Horizon Wind, and Sun Edison. Also participating were several renewables manufacturers who supply these developers, including Cardinal Fastener, GE Energy, Gamesa, Solyndra, and Vestas Americas.
At a site in Pittsburgh, CA, Ameresco is using a landfill to provide power to the City of Palo Alto. Payments awarded because of this project will allow Ameresco to accelerate its development of renewable energy projects by a minimum of four more domestic projects a year, DOE said.
Solyndra is helping to provide energy to a building in downtown Denver, CO through solar panels on the roof. Vestas Americas has made a significant investment in developing renewable energy in the United States. The company has allocated $1 billion for new manufacturing facilities throughout the country, and the federal funding is expected to help these facilities go on line by 2011.
A list of the 25 projects qualifying for awards is available at the link below.
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