Pa Ready to Compete for Green Economy Businesses, Jobs, Says DCED Executive

Release Date: Aug 27, 2009  |  Author: Jamie Fulginiti (717) 783-1132

WILLIAMSPORT – Despite the global recession, worldwide investments in renewable energy projects and companies increased to $155 billion in 2008 and Pennsylvania stands ready to compete aggressively for a larger share of that pie, according to the Department of Community and Economic Development’s top technology investment official.

DCED Deputy Secretary John Sider today told local business executives and economic development professionals that the commonwealth has new resources to invest in businesses and communities that will create thousands of jobs and drive Pennsylvania’s new energy economy.

 “The work of Governor Rendell and the legislature has made Pennsylvania a destination state for businesses that create jobs and lead to a cleaner environment,” said Sider during an educational session at the Community Theatre League.

He conducted a similar session yesterday in Harrisburg.

“Since 2003, we’ve taken steps to invest nearly $915 million to spur on Pennsylvania’s alternative energy economy by supporting approximately 600 projects that have created and retained more than 8,300 jobs. And now, with the new resources of our $650 million Alternative Energy Investment Fund and nearly $16 million Alternative Fuels Investment Fund, we have new resources that present a great opportunity for Pennsylvania to remain a leading destination for wind, solar and biofuel production.”

The session was co-hosted by TECHQuest PA, which is an organization of professionals dedicated to deploying advanced technologies in state communities.

The $650 million Alternative Energy Investment Fund and the nearly $16 million Alternative Fuels Investment Fund that Governor Rendell signed into law in July 2008 include $237.5 million specifically targeted toward helping consumers conserve electricity and manage higher energy prices, and $428.4 million to spur the development of alternative energy resources. The state’s investment is expected to leverage as much as $3.5 billion in private investment and create at least 13,000 new, good-paying, green collar jobs.

 The $335 million available through DCED through the Alternative Energy Investment Fund is designed to focus on infrastructure, economic development, early-stage activities and alternative energy companies.

 The outlay of the money is directed by the Commonwealth Financing Authority and includes:

·        $25 million available through the Renewable Energy Program, which will provide loans and grants to eligible businesses, not-for-profit entities, economic development organizations, and political subdivisions for wind and geothermal projects.

·        $25 million available through the High Performance Building Program that will provide grants and loans to families and businesses constructing or renovating buildings that meet standards that measure a buildings overall sustainability.

·        $80 million available through the Solar Energy Program, which will provide funding to businesses, economic development organizations and political subdivisions to advance projects that generate and use solar energy, or that manufacture and assemble solar equipment.

·        $165 million available through the Alternative and Clean Energy Program will provide grants and loans to businesses, political subdivisions and economic development organizations for the utilization, development and construction of alternative and clean energy projects.

In addition, Sider said the four regional Ben Franklin Technology Partners, which identify and support promising ventures with technical assistance and capital, will receive $40 million to make energy-related investments in early-stage activities including management support, commercialization of research, incubator support services and company investment.

“Pennsylvania has established itself as a leader in the development and deployment of advanced energy solutions,” Sider said. “We’ve attracted some of the world’s leading renewable energy companies and supported cutting-edge businesses that are making groundbreaking advancements.

“Many people believe renewable energy will be to the 21^st century what biomedical research and information technology was to the 20^th century. It’s important that we make this investment now so Pennsylvania doesn’t miss out.”

For more information on incentives to drive Pennsylvania’s energy economy, and to learn how to apply for energy incentives visit www.newpa.com and enter keyword “Energy.”

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