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Treasury Allocates $2.2 Billion in Bonds for Renewable Energy Development
WASHINGTON–As part of the Obama Administration’s efforts to spur renewable energy production, the U.S. Department of Treasury announced the allocation of $2.2 billion in Clean Renewable Energy Bonds (CREBs) for 805 recipients across the country. Funded by the Energy Improvement and Extension Act of 2008 and the American Recovery and Reinvestment Act of 2009 (Recovery Act), these energy bonds help government agencies, public power providers, and cooperative electric companies obtain lower cost financing for clean energy development projects.
“The Recovery Act’s innovative bond programs provide communities around the country with financing to jump start important development projects,” said Treasury Deputy Secretary Neal Wolin. “Because of the Clean Renewable Energy Bonds awards announced today, energy developers will be able to access lower cost credit to help make the shift to clean renewable energy production, benefitting both our economy and our environment.”
The Treasury Department allocates bond authority to governmental agencies, public power providers, and cooperative electric companies involved in clean renewable energy development and production. The application deadline for the new CREBs allocations was August 4, 2009, with recipients being announced today. These bonds function as tax credit bonds which allow investors to receive federal tax credits in lieu of the payment of a portion of the interest on the bond. For CREBs, the federal tax credits will cover 70 percent of the interest on the bonds.
A complete list of recipients receiving awards of bond authority to issue CREBs can be found here.
Treasury News Release -$500 Million in Recovery Act Awards for Clean Energy Projects
WASHINGTON– 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 today 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.
“The Recovery Act is investing in our long-term energy needs while creating jobs in communities around the country,” said Treasury Secretary Tim Geithner. “This renewable energy program will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalize our nation’s economy.”
Said Secretary Chu: “These grants will help America’s businesses launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs. The initiative will help double our renewable energy capacity over the next few years and make sure America leads the world in creating the clean energy economy of the future.”
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.
Movement Gym PV System (Solar), Boulder, CO, $157,809
Solaire Development, LLC Danbury, CT, $2,578,717.00
Evergreen Wind Power V, LLC, Danforth, ME, $40,441,471
Moraine II Wind Farm, Woodstock, MN, $28,019,520
NY
Canadaigua Power Partners, LLC (Wind), Cohocton, NY, $52,352,334
Canadaigua Power Partners II, LLC (Wind), Cohocton, NY, $22,296,494
Wheat Field Wind Farm, Arlington, OR, $47,717,155.00
Hay Canyon Wind Farm, Moro, OR, $47,092,555
Pebble Springs Wind Farm, Arlington, OR, $46,543,219
Highland Wind Farm, Salix, PA, $42,204,562
Locust Ridge II, LLC (Wind), Shenandoah, PA, $59,162,064
Penascal Wind Farm, Sarita, TX, $114,071,646
Total Amount $502,637,546
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