U.S. Gives Grants to Spanish Energy Company

The Obama administration has set aside more than $500 million for the economic stimulus of renewable energy development projects, and Spanish company Iberdrola SA will receive the largest portion of these funds. Iberdrola SA will receive $236 million to build wind farms throughout Texas, Oregon, and Minnesota, while a Pennsylvania wind project will receive $59 million.
 
In all, twelve different projects will receive a portion of the funds, with 59 percent of the money going to Iberdrola’s various projects throughout the three states. This money, which comes from a $3 billion fund that the Obama administration set aside for economic recovery, will be given instead of tax credits to Iberdrola and 5,000 other renewable energy facilities.
 
According to Treasury Secretary Timothy Geithner in a written statement, the stimulus money will help the manufacturing and development of clean energy sources throughout the country. This will, in turn, allow Obama to get one step closer to achieving his goal of doubling renewable energy sources in three years’ time. 

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