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Bloomberg: U.S. Government Arranged Most Loans for Clean Energy in 2011

January 17, 2012, 06:30 AM
Filed Under: Energy

Bloomberg Businessweek reported, the U.S. government pushed ahead of development banks in Europe and Brazil to arrange the most financing for clean energy projects in 2011, distributing incentives from President Barack Obama’s administration.

According to the report, The Federal Financing Bank completed 13 deals worth $10.1 billion according to a study of the industry’s top 20 lenders by Bloomberg New Energy Finance.

Spending was lifted by government support such as the Treasury Department’s 1603 cash grant program that expired in December 2011 and the Production Tax Credit offering 2.2 cents a kilowatt-hour of wind through the end of this year.The report quotes Michael Liebreich, chief executive of New Energy Finance as saying, “Before anyone in Washington celebrates too much, the U.S. figure was achieved thanks in large part to support initiatives that are expiring. There may be a rush to get projects completed in 2012 followed by a slump in investment in 2013.”

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