Treasury, Energy Announce $500 Million in Awards for Clean Energy Projects

Washington, D.C. - Marking a major milestone in the effort to spur private sector investments in clean energy and create new jobs for America's workers, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu announced $502 million in the first round of awards from an American Recovery and Reinvestment Act (Recovery Act) program that provides cash assistance to energy production companies in place of earned tax credits.

The new funding creates additional upfront capital, enabling companies to create jobs and begin construction that may have been stalled until now.

Created under Section 1603 of the Recovery Act, the program is expected to provide more than $3 billion in financial support for clean energy projects by providing direct payments in lieu of tax credits. These payments will support an estimated 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities in all regions of the country over the life of the program. As a result of this first round of funding, more than 2,000 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 Treasury Department opened the application process for the 1603 program on July 31, 2009 and is today making the first awards in half the statutorily mandated turnaround time of 60 days. The following is a chart of projects funded as part of today's announcement. Additional awards under the program will be announced in the coming weeks. 

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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