Washington: The US government has spent more
than one billion dollars on private sector renewable energy
projects from the massive economic stimulus program passed
seven months ago, officials said today.
At a meeting of a group of clean energy developers and
manufacturers at the White House today, Treasury Secretary
Timothy Geithner and Energy Secretary Steven Chu announced USD
550 million in new awards through the Recovery Act.
The awards for 25 projects brings the total to more than
USD one billion awarded to date "to companies committed to
investing in domestic renewable energy production," the
Treasury and Energy departments said in a joint statement.
The milestone spending number is a fraction of the USD
787-billion American Recovery and Reinvestment Act enacted on
February 17, a package of tax cuts and spending aimed at
pulling the world`s biggest economy out of the worst recession
since the Great Depression.
Under the Recovery Act, the renewable energy awards are
made from a program that provides cash assistance to energy
producers in place of a tax credit totalling 30 per cent of
the qualifying cost of the project -- thus spending one
federal dollar for every two private dollars invested in a
The officials said that the federal stimulus spending in
green energy was attracting billions of dollars of additional
capital towards projects in the US.
Chu said the investments were crucial to ensuring the
United States can compete and win in the race for the clean
energy jobs of the future.