The Departments of Treasury and Energy have announced the award of $502 million in a first round of awards under a Recovery Act program that provides cash for energy production companies in place of earned tax credits.
"These grants will help America’s businesses launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs," said DoE. "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."
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.
The Treasury Department opened the application for the program at the end of July and has moved quickly to make the awards to companies such as two wind farm projects in Cohocton, NY. Two awards for solar represent the only non-wind energy awards made under the program so far.
