The U.S. Department of Energy (DOE) and the U.S. Treasury Department have awarded more than $1 billion in cash assistance to renewable energy developers in place of tax credits through the Recovery Act’s 1603 program. The 25 projects in 14 states include five large wind farms, as well as biomass, solar, and geothermal energy facilities, plus a project that uses micro turbines for combined heat and power. The awards are designed to provide upfront capital for renewable energy projects.

“This Recovery Act program is an example of a true federal partnership with the private sector”, said Treasury Secretary Geithner.  “Not only are our Recovery dollars meeting an immediate funding need among innovative companies, they are also jumpstarting private sector investment in communities across the country – with benefits for the renewable energy industry and our economy alike.”

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