First Wind nets $40M in stimulus $$
First Wind has received over $40 million in federal stimulus funding for its Stetson wind farm in Danforth.
First Wind, which operates the Washington County wind farm as Evergreen Wind Power V LLC, has received $40,441,471 from the American Recovery and Reinvestment Act, according to a press release from the U.S. Treasury Department. On Thursday, the Treasury Department and U.S. Department of Energy announced a total of $502 million had been doled out to 12 wind and solar projects nationwide. The program provides a direct payment instead of tax credits to allow renewable energy developers to finance new projects.
The 38-turbine wind farm, which came online in January, was the only Maine project to receive funding in this first round of awards. First Wind spokesman John Lamontagne told the Bangor Daily News the company planned to reinvest the funds into new projects.
More than $3 billion in funding is expected to go to 5,000 clean energy projects in the country through the federal program, according to the release. The Treasury Department began accepting applications for funding on July 31.
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