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11-07-2009, 01:23 AM #1
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Overseas firms collecting most green energy money
Overseas firms collecting most green energy money
By Russ Choma
Thursday, October 29th, 2009 | ShareThis
One of the major selling points of President Barack Obama’s $787 billion stimulus plan was that it would put the economy back on track partly by investing in renewable energy industries, like wind and solar.
The president and many other advocates of alternative energy argue that an investment in green energy would lessen the nation’s reliance on foreign oil, cut greenhouse gases, and most importantly, create thousands of new jobswind money washington for out-of-work Americans.
But of the $1.05 billion in clean-energy grants handed out by the government since Sept. 1, 84 percent – a total of $849 million – has gone to foreign wind companies. Spanish utility company, Iberdrola S.A., alone has collected $545 million through its American subsidiary.
Even more striking is the fact that there are few restrictions on the how the grants can be used, according to a transcript of a Treasury Department briefing. In fact, more than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants, according to a review of the records by the Investigative Reporting Workshop at American University.
"There are no restrictions on the use of the funds," Dan Tangherlini, an assistant secretary for management at the Department of Treasury, said, during a Sept. 1 conference call to announce the grants.
Could the money be used to pay shareholders?
"You know, that's possible," Tangherlini said, when a reporter asked that question during the call.
Foreign wind companies, however, say that their U.S. subsidiaries are creating jobs.
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