Obama unveils $3.4 billion in smart-grid grants
28 Oct 2009
The US administration announced yesterday $3.4 billion in grants for advanced power grids across the country, the largest-ever single grid modernisation investment in US history, in order to transmit power more efficiently and aid the transmission of energy generated from clean energy sources like wind and solar power.
The grants, which are part of the $787 billion government stimulus programme, was announced yesterday by the US president Barack Obama in Arcadia, Florida, at one of the country's largest solar power generating facilities of Florida Power & Light Co's DeSoto Next Generation Solar Energy Center.
Obama said that now it's time to build a ''clean energy superhighway'' that can take the renewable power and it is expected to create ''tens of thousands of new jobs'' all across America, in areas ranging from manufacturing and construction to IT and installation of new equipment in homes and in businesses.
Total federal aid of $3.4 billion in Smart Grid Investment Grant under the American Reinvestment and Recovery Act, will be supplemented by $4.7 billion private funds, creating a total investment of $8.1 billion in smart-grid projects.
One hundred projects have been selected for negotiation of an award, out of about four hundred applicants. The value of individual award ranges from $400,000 to $200 million.
The federal aid is expected to start flowing to the winning companies within the next 60 days. Duration of the projects varies from 12 to 36 months.
