Iberdrola Renewables uses nearly $300 million in Treasury grants to generate green jobs, clean energy
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September 1, 2009
PORTLAND, Ore. — Iberdrola Renewables, Inc. today confirmed it has received US Treasury Department approval of five grants totaling $294,889,003 supporting new wind energy projects in four states. These grants represent investment by Iberdrola Renewables of approximately $1 billion in US wind power.
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 Peñascal 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 US 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.
"The Treasury grant program is serving its intended purposes. The staff at the Treasury Department has implemented the grant program with speed and care," Currey said. "Iberdrola Renewables is creating new, family-wage jobs through the construction and operation of renewable energy plants at a time when the US economy and local communities need it."