US tops USD 1bn in stimulus for clean energy projects
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Last Updated: Tuesday, September 22, 2009, 23:10
  
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 project.

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.

Bureau Report


First Published: Tuesday, September 22, 2009, 23:10


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