Treasury Secretary Tim Geithner and Energy Secretary Steven Chu have announced that $550 million in new awards through the American Recovery and Reinvestment Act's (ARRA) 1603 program have been awarded, bringing the total to more than $1 billion awarded to date to companies committed to investing in domestic renewable energy production.
Project developers receiving awards through the second round of funding include First Wind, Horizon Wind and Iberdrola Renewables, which received three additional grants totaling approximately $250 million.
The Pyron Wind Farm in Texas received approximately $122 million; the Barton Wind Farm in Iowa received approximately $93 million; the Bull Creek Wind Farm in Texas received approximately $91 million; the Farmer's City Wind Farm in Missouri received approximately $85 million; and the Barton Chapel Wind Farm in Texas received approximately $72 million.
‘With American workers and American innovation, we can and must lead the world when it comes to the new industrial revolution in clean energy,’ says Chu.
The announcement was made during a meeting with a group of clean energy developers and manufacturers who were at the White House to discuss how ARRA is creating jobs and helping expand the development of renewable domestic energy.
Created under Section 1603 of ARRA, the program provides cash assistance to energy producers in place of tax credits. Under this program, the federal government provides a cash payment in lieu of a tax credit totaling 30% of the qualifying cost of the project: For each federal dollar spent in payments, more than $2 is spent on private-sector investments.
SOURCES: Department of Energy, Iberdrola Renewables Inc.
