U.S. awards $550 million in renewable energy grants

WASHINGTON (Reuters) – The U.S. government on Tuesday awarded $550 million in grants to develop renewable energy projects to help double U.S. renewable energy production over the next few years, an Obama administration goal.

The grants will pay cash to companies in lieu of tax credits to support solar, wind, biomass and other renewable energy production facilities.

The Energy and Treasury Departments awarded the money from the economic stimulus package.

Reuters