LOS ANGELES  - Iberdrola Renewables Inc on Tuesday said it received approval for nearly $300 million in federal stimulus funds to support wind energy projects in four U.S. states.

The five grants total $294.9 million and were awarded to wind projects in Texas, Minnesota, Pennsylvania and two projects in Oregon, Iberdrola said in a press release.

The U.S. Treasury Department, which approved the grants, is expected to act on three more of the company's grant applications this month, the company said.

The grants were authorized under the American Recovery and Reinvestment Act in lieu of renewable energy production tax credits (PTCs) typically provided to wind generation facilities. Grants were awarded to the Penascal Wind Project (Texas), Moraine II Wind Project (Minnesota), Locust Ridge II Wind Project (Pennsylvania), and Hay Canyon and Pebble Springs Wind Projects (Oregon).

“The approval of these grants today is a key event for Iberdrola Renewables,” said Ralph Currey, President and Chief Executive Officer. “Switching from the PTC to the grant program was made necessary by the collapse of U.S. financial markets last fall. This change will enable our company and others to keep investing in new renewable energy while the financial markets mend. Thanks to the grant program, Iberdrola Renewables is proceeding with new renewable investments in 2009 and will continue to do so next year and beyond.”

Currey said the company expects the Treasury to act on three additional grant applications this month. In addition, Iberdrola Renewables presently has five wind projects under construction which would be eligible for the grants as well. These projects, in Arizona, Illinois, North Dakota, Oregon, and Texas, are part of the company’s US renewable energy investment plan that is expected to place an additional $6 billion of capital investment in renewable energy facilities in the US through 2012.

Iberdrola Renewables is a unit of Spain's Iberdrola SA.

Comments (0)

Subscribe to this comment's feed

Name

Email

Website

Title

Comment

smaller | bigger

I have read and agree to the Terms of Usage.

Add Comment