Foreign Companies Devouring Stimulus Money
Posted: Thu Mar 18, 2010 9:39 am
Scott MacFarlane
Posted: 10:28 am EST February 15,2010
Updated: 1:58 pm EST February 24,2010
WASHINGTON -- The U.S. government's stimulus "green rush" is triggering a 21st century gold rush by foreign companies.
An alarming series of recent reports indicates a lion's share, nearly 80 percent, of the government's Recovery Act funding for wind energy projects is going to companies headquartered overseas.
According to a letter obtained this month from New York Sen. Charles Schumer, and confirmed by a study produced by the Investigative Reporting Workshop at American University, $849 million of the $1.05 billion in clean energy stimulus grants have gone to foreign-owned clean energy companies.
Two of the largest recipients:
Iberdrola Renewables (Spain) - $545 million
EDPR (Portugal) - $276 million
The Investigative Reporting Workshop's probe reported, "Even more striking is the fact that there are few restrictions on the how the grants can be use. The report also said, "More than $800 million has been given to firms for wind farms that were already producing electricity before they received the grants."
A spot visit to a Cambria County, Pa., wind farm, operated under a stimulus grant received by the Everpower Company, uncovered six employees tending to about 25 wind turbines. An Everpower spokesman confirms a European-based company is an "equity" partner in the company.
The Pennsylvania farm, known locally as the "Highland Wind Farm", has received $42 million in stimulus grants.
article:
http://www.whiotv.com/news/22568473/detail.html
