Europe's wind companies snap up U.S. stimulus cash

NEW YORK (Reuters) – European companies have scooped up the majority of U.S. stimulus money set aside for wind power projects, drawing on their expertise and global reach to tap into Washington’s effort to grow the base of renewable energy sources.

While those government funds have generated U.S. jobs and provided a lifeline to the green energy industry during the financial crisis, the cash flows show European companies remain crucial to U.S. goals to advance the renewable power sector.

The U.S. Treasury Department has helped fund some 150 renewable energy projects from a portion of the $787 billion American Recovery and Reinvestment Act of 2009 and has given out grants worth more than $1.5 billion to wind projects.

More than two-thirds of that money, or $1.06 billion, has gone to projects developed by European-based companies.

Reuters