Minneapolis, Minnesota [RenewableEnergyAccess.com] Xcel Energy announced that it has selected 22 proposed renewable energy projects to receive close to $23 million from the Xcel Energy Renewable Development Fund. The projects include wind, hydroelectric, solar, biomass and biofuel technologies.
Close to 100 proposals were reviewed during the current funding cycle. In previous cycles, more than $52 million has been awarded for renewable energy research and renewable energy production. Currently, more than 23 megawatts of renewable energy are under development from fund initiatives.
Money for the Renewable Development Fund, which was created in 1999, comes from Xcel Energy customers. Each year the company transfers $16 million to the fund. Owners of energy production projects sell the energy to Xcel Energy or use the energy themselves.“Innovative and new renewable technologies, such as solar and biomass, have trouble competing with conventional energy in the marketplace,” said Scott Wilensky, Xcel Energy acting vice president of regulatory and government affairs. “The fund’s objective is to remove barriers to entry of new renewable energy technologies by funding research on emerging technologies and supporting development of renewable energy projects.”