Feds Make Available $3 Billion in Cash Grants For Renewable Energy
The U.S. Departments of Energy and the Treasury are accepting applications for a program that will make direct payments in lieu of tax credits to companies that create and place in service renewable energy facilities, under Section 1603 of the American Recovery and Reinvestment Act. The agencies estimate they will pay out at least $3 billion to approximately 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities. Applications should be made as soon as possible as the grants will be awarded only until the program funding is exhausted. The government estimates that $3 billion in grants will leverage between $10-14 billion in additional private capital investment. Interested applicants should contact their legal and financial advisors promptly for further information.
Post authored by David Petersen, partner practicing in the Sustainability and Real Estate and Land Use Groups.
