Geithner Unveils $3B Renewable Energy TARP Funding

Law360, New York (July 10, 2009, 12:00 AM EDT) -- The U.S. Department of the Treasury and U.S. Department of Energy have allotted $3 billion for renewable energy projects through the American Recovery and Reinvestment Act, allowing approved businesses to receive direct payments — not tax credits — for biomass, solar, wind and other production facilities.

Announced Thursday, the joint program between the DOE and the Treasury Department will provide $3 billion for businesses that submit successful applications to update existing renewable energy facilities or build new ones.

The program will provide direct payments instead of...
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