Wind Today

Washington, DC--Secretary Steven Chu announced July 2 $59 million in conditional loan guarantees from the Department of Energy for Nordic Windpower, USA, and Beacon Power.

Nordic Windpower has been offered $16 million to support the expansion of its assembly plant in Pocatello, Idaho, to produce its one megawatt wind turbine.

Beacon Power, an energy storage company, has been offered $43 million to support the construction of its 20 megawatt flywheel energy storage plant in Stephentown, New York that will help ensure the reliable delivery of renewable energy to the electricity grid.

As stated by Secretary Chu, “These projects represent the innovative technologies that will help America reduce its dependence on fossil fuels and fight climate change,” while moving the nation closer to meeting President Obama’s goal of doubling renewable power.

These are the second and third conditional commitments for loan guarantees made by the Obama administration.

In March, the Department made its first conditional loan guarantee for $535 million to Solyndra, Inc., which plans to construct a manufacturing plant to bring its cutting-edge solar technology to the commercial market.

Secretary Chu has made it the priority of the Department to streamline the loan guarantee process by simplifying paperwork requirements and providing additional resources to process applications.

The loan guarantees will be supported through the 2009 American Recovery and Reinvestment Act.

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