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Politics : Rat's Nest - Chronicles of Collapse -- Ignore unavailable to you. Want to Upgrade?

To: Wharf Rat who wrote (9556)	9/23/2009 10:57:51 PM
From: Wharf Rat	Read Replies (1) \| Respond to of 24213

U.S. awards $550 million in renewable energy grants Tue Sep 22, 2009 12:56pm EDT By Tom Doggett and Ayesha Rascoe WASHINGTON (Reuters) - The U.S. government on Tuesday awarded $550 million in grants to develop renewable energy projects to help double U.S. renewable energy production over the next few years, an Obama administration goal. The grants will pay cash to companies in lieu of tax credits to support solar, wind, biomass and other renewable energy production facilities. The Energy and Treasury Departments awarded the money from the economic stimulus package. "These investments are crucial to ensuring America can compete and win in the race for the clean energy jobs of the future," said Energy Secretary Steven Chu. So far the government has awarded just over $1 billion in clean energy grants. The total is expected to reach at least $3 billion. Previously, energy companies could file for a tax credit to cover part of a renewable project's costs. Under the grant program, a company forgoes the tax credit in favor of an immediate reimbursement of 30 percent of the project's qualifying cost. Twenty-five projects qualified for awards in this second round. The projects receiving the most money were the Pyron wind farm LLC ($121.9 million) in Rascoe, Texas; the Barton wind farm ($93.4 million) in Kinsett, Iowa; the Bull Creek wind farm LLC ($91.4 million) in O'Donnell, Texas and the Farmers City wind farm ($85 million) in Tarkio, Missouri. "Not only are our recovery dollars meeting an immediate funding need among innovative companies, they are also jump-starting private sector investment in communities across the country -- with benefits for the renewable energy industry and our economy alike," said Treasury Secretary Tim Geithner. The American Wind Energy Association welcomed the additional grants, especially given the credit markets freeze that began last year and has made it tough for wind energy projects to get private financing. "The support provided by Congress and the administration is visibly helping our industry recover from the economic meltdown," said AWEA Senior Vice President for Public Policy Rob Gramlich. "We continue to see business activity picking up within the wind industry, with turbine and parts orders being sent all the way up the value chain." (Reporting by Tom Doggett and Ayesha Rascoe; Editing by David Gregorio) reuters.com