Spanish energy company Iberdrola Renewables has announced that it hopes to secure $400 to $500 million in U.S. Department of Treasury funds, which will go toward the construction of about 850 MW worth of wind energy projects in the U.S.
The cash grants, part of the American Recovery and Reinvestment Act of 2009, would be given to wind developers who choose to forego all federal tax credits and instead receive a nontaxable cash grant from the U.S. government equal to 30% of the project's cost.
SOURCE: Iberdrola Renewables
