Renewables

Departments of Treasury, Energy make $500mn in direct payments

1 September 2009– The departments of Treasury and Energy said they have given out $502 million in the first round of direct payments in lieu of tax credits for 12 renewable energy projects from the American Recovery and Reinvestment Act.

The ARRA is expected to provide a total of $3 billion in financial support for clean energy projects by providing cash 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 across the country.

The Treasury Department opened the application process for the 1603 program on July 31, 2009 and is making the first awards in half the mandated turnaround time of 60 days.

For a list of the winners, click here.