TREASURY, ENERGY ANNOUNCE $500 MILLION IN AWARDS FOR CLEAN ENERGY PROJECTS
60 SHELTER ROCK ROAD IN DANBURY, CT RECEIVES LARGEST SOLAR GRANT
Danbury, CT. – September 8, 2009 - Solaire Development LLC located at 60 Shelter Rock Road in Danbury, CT is pleased to announce that it has received a grant of $2,578,717 for the 550 KW solar electric (photovoltaic/PV) system it has installed covering almost 2 acres of rooftop at the 60 Shelter Rock Industrial Park.
"This grant has greatly enhanced the ability of Solaire Development to put this showcase solar system in operation by completely eliminating the complexity and time delay of the earned tax credits it replaced," said Peter Lynch, a partner of 60 Shelter Rock Associates. "We are grateful to Treasury Secretary Geithner, Energy Secretary Chu and the Obama Administration for their forward thinking and swift action in pressing forward with this much needed financing enhancement."
This grant is part of the effort to spur private sector investments in clean energy and create new jobs for America's workers, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu announced on September 1, 2009, $502 million in the first round of awards from an American Recovery and Reinvestment Act (Recovery Act) program that provides cash assistance to energy production companies in place of earned tax credits. The new funding creates additional upfront capital, enabling companies to create jobs and begin construction that may have been stalled until now.
"The Recovery Act is investing in our long-term energy needs while creating jobs in communities around the country," said Treasury Secretary Tim Geithner. "This renewable energy program will spur the manufacture and development of clean energy in urban and rural America, allowing us to protect our environment, create good jobs and revitalize our nation's economy."
"These grants will help America's businesses launch clean energy projects, putting Americans back to work in good construction and manufacturing jobs. The initiative will help double our renewable energy capacity over the next few years and make sure America leads the world in creating the clean energy economy of the future," said Energy Secretary Chu.
Created under Section 1603 of the Recovery Act, the program is expected to provide more than $3 billion in financial support for clean energy projects by providing direct payments in lieu of tax credits. These payments will support an estimated 5,000 bio-mass, solar, wind, and other types of renewable energy production facilities in all regions of the country over the life of the program. As a result of this first round of funding, more than 2,000 Americans will have access to jobs in the renewable energy industry – both in construction and in manufacturing – while moving the nation closer to meeting the Administration's goal of doubling renewable energy generation in the next few years.
The Treasury Department opened the application process for the 1603 program on July 31, 2009 and is currently making the first awards in half the statutorily mandated turnaround time of 60 days. Additional awards under the program will be announced in the coming weeks.
"We hope that our building at 60 Shelter Rock will serve as an example to business people around the country that solar is not only good for the environment and the country, but that it makes financial sense to business owners and tenants as well," said Peter Lynch.
Solaire Development also feels that widespread education about solar energy is critical and has offered to make the facility available to any corporation, local high school or college course wishing to schedule a field trip to the building. This will enable students and professionals to see a full-scale commercial solar photovoltaic system in operation and learn firsthand about the benefits of clean, green solar electricity.
For further information contact Peter Lynch at 914-763-9093 or email at Peter@60shelterrock.com, or visit www.60shelterrock.com.
Mr. Lynch has worked, for 31 years as an independent analyst and investor in small emerging technology companies. He has been actively involved in following developments in the renewable energy sector since 1977 and is regarded as an expert in this field. He was the contributing editor for the past 17 years to the Photovoltaic Insider Report, the leading publication in Photovoltaics industry that was directed at industrial subscribers, such as major energy companies, utilities and governments around the world. He can be reached via e-mail at: email@example.com or at his new website: www.sunseries.net.
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