The money comes from the $787bn American Recovery and Investment Act. The Treasury began the grant programme in July, and an initial $502.6 million in funding was disbursed to 12 projects this month.
The idea is to inject liquidity into the marketplace, with credit still tight following last year’s meltdown in financial markets.
The grants pay cash right away to companies, in lieu of tax credits totalling 30% of the qualifying project cost, which take longer to obtain.
