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U.S. Report: Billions in green energy stimulus funding given to foreign corporations

Michael Bastasch — Daily Caller News — January 18, 2013

A congressional report found that foreign companies have been large beneficiaries of stimulus funds and received billions of dollars funds meant to promote green energy development and create jobs in the United States.

The House Energy and Commerce Committee staff examined Treasury Department data and found that nearly one-quarter of the $16 billion in Section 1603 green energy grants went to a handful of large European and Asian renewable energy companies.

“Billions of dollars have filled the coffers of overseas firms while the evidence of the promised permanent jobs and economic growth here in the United States is scarce,” reads the report. “With these grants, foreign companies appear to have unduly benefited from a program ostensibly aimed at stimulating the U.S. economy, growing American businesses, and creating U.S. jobs.”

One of the largest recipients of these green energy funds was Iberdrola Renewables LLC — a U.S. division of the Spain-based Iberdrola, S.A. — which got $1.8 billion, 11 percent of the total awarded Section 1603 funds, for renewable projects throughout the U.S. The report notes that Iberdrola Renewables is, “one of the largest, if not the single-largest, owner of Section 1603 grant-recipient projects in the U.S.”

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