Obama Administration Announces $502 Million
Treasury Secretary Tim Geithner and Energy Secretary Steven Chu have 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 to enable 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. The Obama Administration expects that 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 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 this marks the first awards in half the statutorily mandated turnaround time of 60 days. The following is a chart of projects funded as part of the announcement. Additional awards under the program will be announced in the coming weeks.
|CO||Movement Gym PV System (Solar)||Boulder, CO||$157,809|
|CT||Solaire Development, LLC||Danbury, CT||$2,578,717|
|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|
|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|
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