State Energy Trust Offers $25 Million for Renewables

Since renewable energy projects are often so capital-intensive, long-term power purchase agreements can make the difference between a stalled project and a project groundbreaking. The Massachusetts Technology Collaborative’s Renewable Energy Trust launched a US $25 million request for proposals that will make funding commitments to support projects that could generate up to 25-50 MW of new, clean energy for the New England electric grid.

This is the second round of funding from the Trust’s first-in-the-nation Massachusetts Green Power Partnership. The program provides long-term funding commitments to purchase renewable energy certificates and other price supports that are critical to for clean energy projects seeking permanent financing to build new clean power plants such as wind, hydroelectric power and biomass. “Increased clean energy generation offers immediate economic and environmental benefits for Massachusetts and the entire New England region,” said Renewable Energy Trust Director Rob Pratt. “Just as we did in round one, we hope to support a strong mix of clean energy technologies that will help reduce our exposure to fuel price volatility and meet the growing demand for cleaner energy.” The first round of Massachusetts Green Power Partnership awards led to $32 million in funding commitments for six projects that will generate close to 100 MW of clean energy. The projects receiving support included: Wind — Berkshire Wind Power, LLC 15.0 MW Landfill Gas — CommonWealth Resource Management Corp. 3.3 MW Wind — enXco, Inc. 30.0 MW Hydro — Pepperell Hydro, LLC 1.3 MW Biomass — Public Service Company of New Hampshire 50.0 MW Solar — Brockton Solar .5 MW The Renewable Energy Trust expects to recoup a substantial portion of its funding commitments through the resale of renewable energy certificates in the green power market. Projects are chosen through a highly competitive process, which includes expert analysis to determine the viability of each proposal. Funding commitments are strictly contingent on projects receiving all necessary state and local permits and on the actual construction and operation of the facility by 2007.
Previous articleHydrogen Established for “East Coast Corridor”
Next articleWind Doubles Texas Renewable Energy Commitment

No posts to display