Renewable Energy and Clean Technology Funding Opportunities

Renewable Energy and Clean Technology Funding Opportunities

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The recent passage of the American Recovery and Reinvestment Act (ARRA), together with existing legislation such as the 2008 Farm Bill, the Energy Independence and Security Act of 2007, and the Energy Policy Act of 2005, has created unprecedented opportunities for renewable energy and clean technology companies to obtain funding from the federal government for a wide variety of energy and environmental projects. A summary of the major funding opportunities announced by the federal government during the last week can be viewed by clicking on the following links:

Funding under these programs will be awarded on a competitive basis and under tight application deadlines. Applications must contain detailed information regarding an applicant's proposal, and actual funding awards require the negotiation of detailed documentation similar to that used in complex project financings.

WilmerHale's Energy and Clean Technology practice group has extensive experience in the areas of public policy, government contracting, project finance and development, and energy regulation. We are uniquely positioned to expertly advise renewable energy and clean technology companies on the complex issues and opportunities that arise in connection with these federal funding opportunities, and to assist companies in both obtaining government funding and successfully developing their projects.

RENEWABLE AND CLEAN TECHNOLOGIES

Energy Audits and Renewable Energy Development Assistance Grants. The USDA will award up to $100,000 per applicant to aid units of state, tribal or local government, institutions of higher education, rural electric cooperatives, and public power entities to provide energy audits and renewable energy development assistance for agricultural producers and rural small businesses.

Current application deadline: June 9, 2009

For details, click here.

RECENT DEVELOPMENTS RELATED TO FUNDING OPPORTUNITIES

ARRA Funds to be Awarded to Massachusetts for Wind Technology Testing Center. DOE announced last week that it would provide $25 million in ARRA funds to Massachusetts, which will aid in the development of a Wind Technology Testing Center (Center) in the state. The Center, which will test commercial wind turbine blades, is expected to promote growth of the turbine manufacturing industry in the region and accelerate development of large offshore wind power facilities in the United States. The announcement brings the total ARRA funding commitment to date for wind development to $118 million. DOE also announced a list of Massachusetts-based companies that were chosen to receive awards under the competitive funding opportunity "20% Wind Energy by 2030."

To view the full press release and a list of grant recipients, click here.

DOE to Provide 2.4 Billion in ARRA Funds for Carbon Capture and Storage Projects. DOE announced plans last week to devote 2.4 billion in ARRA funds to support the development and deployment of carbon capture and storage technologies. Notices of Intent will be issued to solicit applications for a clean coal power initiative, industrial carbon capture and storage projects, geologic sequestration site characterizations, and geologic sequestration training and research.

To view the full press release, click here.

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