RIEDC Approves $1.2 Million in Renewable Energy Funding
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September 22, 2009 | Print this page | Share This |
Eight Highly Diversified Renewable Energy Projects Receive Awards
The Rhode Island Economic Development Corporation’s (RIEDC) Board of Directors and Interim Executive Director approved over $1.2 million in funding from the Corporation’s Renewable Energy Fund for eight renewable energy projects. The awards will create an estimated 21 full and 100 part-time positions.
The awards include wind, solar, hydroelectric and biomass projects. Funding will be provided in the form of direct grants, recoverable grants and low interest loans. The RIEDC has worked extensively with all applicants to ensure projects are financially and technically viable and present significant economic development potential in Rhode Island by leveraging financing, creating jobs, employing innovative technologies and reducing energy costs.
“I am pleased that we have been able to identify highly diversified renewable energy projects with significant economic development opportunities,” said J. Michael Saul, Interim Executive Director, RIEDC. “These projects reinforce our mission to promote energy independence and create green jobs in our state.”
The REF grants, ranging from $7,673-$400,000, will be awarded to:
• Slatersville Hydro ($400,000): Hydropower installation for Holliston Sand – a leading manufacturer of high quality sands in the New England area.
• Northeast Engineers and Consultants ($250,000): 100kW Wind Turbine installation in the Easton Pond Business Center.
• Tomorrow Biofuels ($250,000): Development of a greenhouse that will capture greenhouse gasses (C02) to be transformed into a biofuel to run electricity-producing generators in Cranston’s Howard Industrial Park.
• Hodges Badge ($225,000): Wind Turbines installation for a leading manufacturer of quality ribbons, rosettes, medals, presentation silver, sashes and buttons.
• The Cooley Group ($50,000): Solar PV installation for this Pawtucket based manufacturer of specialty reinforced polymer membranes.
• Ocean State Wind ($50,000): Small modular wind installation on behalf of the West Warwick manufacturing company, Advanced Chemical.
• JTJ Investments ($7,673): Solar PV installation on the Providence “Wolcott Eco-Building,” a sustainable mixed-use development.
• The Fogarty Center ($8,200): Solar PV installation for this North Providence non-profit organization that provides services and programs for children and adults with developmental disabilities.
About the Rhode Island Renewable Energy Development Fund:
The Rhode Island Economic Development Corporation assumed management of the Rhode Island Renewable Energy Fund (REF) at the close of the 2008 Rhode Island legislative session. The REF is supported by a surcharge of 0.3 mills per kilowatt-hour of electricity delivered by the State’s electric distribution companies.
According to legislative statute, the REF designates approximately $1 million per year to municipal projects, $200,000 per year to non-profit affordable housing projects and $200,000 per year to pre-consultant and technical feasibility studies. The balance of the Fund supports all other renewable energy development projects in the State. Financing can be awarded in the form of grants, recoverable grants and loans.
To learn more about the Renewable Energy Fund and to apply for financing please visit:
http://www.riedc.com/business-services/renewable-energy
