SunEdison receives its first grant under Section 1603 of the American Recovery and Reinvestment Act

SunEdison identified close to 200 megawatt (MWp) of solar energy projects to be accelerated by US grant program.
SunEdison identified close to 200 megawatt (MWp) of solar energy projects to be accelerated by US grant program.

SunEdison (Beltsville, Maryland), North America's largest solar energy services provider, on September 22nd, 2009 received its first grant in lieu of investment tax credit (ITC) under Section 1603 of the American Recovery and Reinvestment Act (ARRA). The company reports that this 992,000 US-dollar grant was issued for a 443-kilowatt (KW) photovoltaic (PV) system at Owens Corning's facility in Kearny, New Jersey.

Following the award notification by the Department of Treasury (DOT), Treasury Secretary Tim Geithner and Energy Secretary Steven Chu invited Carlos Domenech, Chief Operating Officer (COO) of SunEdison, to participate in a White House roundtable meeting of select industry executives to discuss expanding development of clean, domestic sources of energy. Speaking of the event, Domenech noted: "We were honored to participate in the roundtable discussion. SunEdison's initial application was approved less than 3 weeks after we submitted our request. Given the streamlined application process, we expect to submit new projects from our pipeline almost weekly."

 

Up to 200 MW of solar energy projects considered for Section 1603 of ARRA

"The 1603 grants will accelerate our efforts to reduce our customers' energy costs, create installation and integration jobs and deliver measurable environmental benefits", Domenech said. In light of the changes brought about by Section 1603, SunEdison reports that it has identified close to 200 megawatt (MWp) of distributed solar energy projects that could be accelerated by the grant program. Created as part of the ARRA, Section 1603 provides a cash payment in lieu of the Investment Tax Credit of up to 30 % of qualifying project costs. These payments are expected to improve the project viability and enhance liquidity for projects by attracting new investment, thus enabling companies to create and retain jobs and contribute to the administration's goal of doubling renewable energy generation capacity within three years.

 

2009-09-30 | Courtesy: SunEdison | solarserver.com © Heindl Server GmbH