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
Federal Loan Guarantees for Projects that Employ Innovative Energy Efficiency, Renewable Energy, and Advanced Transmission and Distribution Technologies. DOE has issued a new solicitation under its Innovative Technology Loan Guarantee Program, which will provide grants for projects that employ innovative efficiency, renewable energy, and advanced transmission and distribution technologies. To be eligible for funding, projects must utilize "New or Significantly Improved Technologies" as defined in 10 CFR 609, and must commence construction before September 30, 2011.
Current application deadline: September 14, 2009 (Part I), November 13, 2009 (Part II)
For details, click here.
Federal Loan Guarantees for Electric Power Transmission Infrastructure Investment Projects. DOE has issued a new solicitation under its Temporary Loan Guarantee Program, which will provide grants for complex transmission infrastructure investment projects located in the United States. To be eligible, projects must utilize a Commercial Technology, be unable to obtain financing from private sources, be reasonably likely to commence construction on or before September 30, 2011, and meet at least one of eight eligibility criteria set forth in the solicitation.
Current application deadline: September 14, 2009 (Part I), October 26, 2009 (Part II)
For details, click here.
RECENT DEVELOPMENTS RELATED TO FUNDING OPPORTUNITIES
Section 1603 Application for Payments in Lieu of Tax Credits Now Available. The U.S. Department of Energy and the U.S. Department of the Treasury announced last week that they are now accepting applications under the ARRA Section 1603 program ("Program"). The Program enables applicants to receive direct payments, in lieu of an investment tax credit, for certain expenses related to biomass, solar, wind, and other renewable energy production facilities.