PROVIDENCE – The R.I. Renewable Energy Fund is open for business.
The R.I. Economic Development Corporation (EDC) is now accepting applications to the fund – from municipalities, businesses and other organizations – for grants and loans to offset the cost of renewable-energy projects. Any kind of facility is eligible, the EDC added.
Rhode Island's Market Has Changed. Developers, Builders, Investors and Sellers Must Change With It.
By Emilio DiSpirito IV License Partner | Engel & Völkers Oceanside Leader | The DiSpirito…
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“By investing in renewable energy,” Gov. Donald L. Carcieri said in yesterday’s announcement, “Rhode Island can not only create jobs and spur economic development, we can also develop new and innovative technology; reduce our dependence on foreign oil and address environmental concerns; and provide energy relief for our citizens.
“Rhode Island has an opportunity to more fully leverage its coastal location; natural resources such as wind, water and sun; and all other renewable sources – along with our green-tech talent – to bolster this sector of our state’s economy.”
The Renewable Energy Fund (REF) receives about $200,000 per month from a surcharge on consumer electric bills. It currently contains about $4.1 million in the fund; most of it is earmarked for the R.I. Ocean Special Area Management Project (SAMP), although that money is to be paid back eventually.
The EDC recently finalized regulations for the fund, which was moved to the agency from the R.I. Office of Energy Resources by a law enacted this summer. (READ MORE)
The EDC’s executive director has authority to approve any proposal for $50,000 or less; more-costly proposals must also be approved by the EDC’s board of directors. For projects costing more than $250,000, preference will be given to those that spread the expense over three years or more.
No project will be awarded more than $750,000 in support, and recipients will not be eligible for repeat funding, the EDC said.
The new law mandates that the fund devote $1 million oer year to municipal renewable-energy projects and $200,000 to projects at affordable-housing nonprofits. The remainder of the money may be disbursed, as grants or loans, at EDC discretion.
The fund “will enable the state to access other capital and economic development opportunities to stimulate job growth in Rhode Island,” said J. Michael Saul, the EDC’s interim director.
The R.I. Economic Development Corporation is a quasi-public agency established to promote business development, preservation and expansion in the state and undertake port projects in Rhode Island. Additional information, including details of the R.I. Renewable Energy Fund is available at www.riedc.com.
