Renewable Energy Fund

Overview

Rhode Island stands to gain significant benefits from increasing activity in the green energy and green technology sectors. By investing in renewable energy, Rhode Island can not only create jobs and spur economic development, we can also develop new and innovative technology, reduce our dependence on foreign oil and address environmental concerns and provide energy security for the state. Rhode Island has an opportunity to more fully leverage its coastal location, natural resources such as wind, water and sun and all other renewable sources along with our green tech talent to create high wage jobs in the sector. The Rhode Island Economic Development Corporation is focusing on the green industry — an industry that has the potential to put Rhode Island at the epicenter of the emerging alternative energy market.

In November 2008, the Rhode Island Economic Development Corporation announced its plans to manage the state’s Renewable Energy Fund (REF), making a new commitment to stimulate job growth in green technology/green energy sectors of Rhode Island’s economy.

Created by legislative statute in 1996, the REF is dedicated to increasing the renewable energy supply in Rhode Island. The fund is managed by the Rhode Island Economic Development Corporation and provides grants, loans and other financing for renewable energy projects that produce electricity in a cleaner, more sustainable manner and stimulate job growth in Rhode Island’s economy. The REF provides incentives for the following activities:

  • Business, commercial and institutional projects;
  • Affordable housing developments;
  • Municipal renewable energy projects;
  • Technical and feasibility studies.

The REF aims to make these investments in the “green sector” of the Rhode Island economy, attracting green businesses to Rhode Island, creating a green workforce and increasing the number of “green collar” jobs in the state.

The Renewable Energy Fund is an important asset to ensure greater energy independence for our state and in building our capacity to create jobs in this sector. We are positioning the state as a leader in the alternative energy industry as the REF and the state’s utility-scale off-shore wind project give Rhode Island an advantage in creating long-term job growth possibilities in the green technology industry.

For more information, contact Julian Dash, Director, Renewable Energy Fund, at 401-278-9100 ext. 138.

Renewable Energy Financing Programs

Financial Reports for Renewable Energy

Financial and Performance Report 2010 Financial and Performance Report 2010 2 MB
Financial and Performance Report 2009 Financial and Performance Report 2009 78 KB
Financial and Performance Report Attachments 2009 Financial and Performance Report Attachments 2009 250 KB

Download

REF_Rules_and_Regulations.pdfREF_Rules_and_Regulations.pdf65.78 KB
RE_Financing_Programs.pdfRE_Financing_Programs.pdf61.76 KB