SunEdison Receives Its First Grant Under Section 1603 of The American Recovery and Reinvestment Act
WASHINGTON-(Business Wire)-September 24, 2009 - On September 21, 2009, SunEdison, North America’s largest solar energy services provider, received its first grant in lieu of investment tax credit under Section 1603 of the American Recovery and Reinvestment Act (Recovery Act). Following the award notification by the Department of Treasury, Treasury Secretary Tim Geithner and Energy Secretary Steven Chu invited Carlos Domenech, 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.
In light of the changes brought about by Section 1603, SunEdison has identified close to 200 megawatts (MW) of distributed solar energy projects that could be accelerated by the grant program. SunEdison’s first $992,000 grant was for a 443-kilowatt (kW) photovoltaic solar system at Owens Corning’s facility in Kearney, NJ.
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.” According to Domenech, “SunEdison’s distributed generation model can develop significant capacity in rooftop and utility-scale substation systems that can be approved and built quickly. The 1603 grants will accelerate our efforts to reduce our customers’ energy costs, create installation and integration jobs and deliver measurable environmental benefits.”
Created as part of the Recovery Act, Section 1603 provides a cash payment in lieu of the Investment Tax Credit of up to 30 percent of qualifying project costs. The payments improve 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.
About SunEdison
SunEdison is North America’s largest solar energy services provider. The company finances, installs and operates distributed power plants using proven photovoltaic technologies, delivering fully managed, predictably priced solar energy services for its commercial, government and utility customers. For more information about SunEdison, please visit www.sunedison.com.
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