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MINNEAPOLIS – Xcel Energy has up to $30 million available to invest in renewable energy projects and research on new ways to produce electricity from renewable sources, and the company is currently accepting proposals for grants from its Renewable Development Fund.
“The fund’s objective is to remove barriers to the entry of new renewable energy technologies by funding research on emerging technologies and supporting development of renewable energy projects that benefit our customers,” said Judy Poferl, president and CEO of Northern States Power Co.-Minnesota, an Xcel Energy company.
The Renewable Development Fund money comes from Xcel Energy customers. Each year the company sets aside $19.5 million for the fund in accordance with state statute.
Funding for renewable energy projects will be available for various-sized projects in three categories: energy production, research and development and research funding for Minnesota institutes of higher education. Owners of energy production projects will sell the energy to Xcel Energy or be located within Minnesota and Wisconsin for self generation.
An advisory group with representation from Xcel Energy, environmental groups, Xcel Energy customers and the Prairie Island Indian Community will evaluate and recommend proposals for grant awards from the fund. Selected proposals are scheduled to be announced in July, and all projects chosen are subject to approval by the Minnesota Public Utilities Commission
For more information on the application process visit www.xcelenergy.com/rdf.
In response to the last funding cycle in 2007, 91 project proposals were submitted. Twenty-four projects were approved to receive a total of $22.6 million. The projects explored a broad spectrum of environmentally-friendly technologies, including energy production and research projects involving wind, hydro, solar and biomass energy sources.
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