DOE awards $500m to clean energy projects

Treasury Secretary Tim Geithner and Energy Secretary Steven Chu today announced $502 million would be distributed to clean energy projects in the first round of awards from the stimulus package passed in February.

The programme, created under the American Recovery and Reinvestment Act (Recovery Act), provides cash assistance to energy production companies in place of earned tax credits. The new funding creates additional upfront capital at a time when private sector funding is more difficult to attract.

Created under Section 1603 of the Recovery Act, the programme is expected to provide more than $3 billion in financial support for clean energy projects by providing direct payments in lieu of tax credits.

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