small business

R.I. EDC approves grant, loan for solar-power project, Bristol repair shop

IMAGE SOURCE R.I. EDC
THE R.I. Economic Development Corporation awarded a $200,000 grant to a 10 to 15 megawatt solar-power project at a former East Providence landfill on Monday.
By William Hamilton
PBN Staff Writer
Twitter: @waham
Posted 3/29/11

PROVIDENCE – The R.I. Economic Development Corporation awarded a $200,000 grant to a 10 to 15 megawatt solar-power project at a former East Providence landfill on Monday.

The EDC also approved a grant and a loan totaling $125,000 to a Bristol auto repair shop preparing to build a 50 kilowatt wind turbine.

EDC board members unanimously approved the grants and 10-year loan from the agency’s Renewable Energy Development Fund.

But while approving the $62,500 grant and $62,500 loan to Safeway Auto Service for a $250,000 turbine, some board members questioned the agency’s overall strategy in using the fund to develop renewable energy projects.

New board member Jack Templin called the investment in the Safeway project a “rifle shot,” meaning that the funds will benefit an individual business owner, unlike other projects -- such as the proposed East Providence solar-panel farm -- where the benefits would be spread more broadly.

The Renewable Energy Development Fund’s coordinator, Julian Dash, told board members that the agency is shifting the fund – paid for by an electric-bill surcharge – from subsidizing residential and small alternative energy projects to issuing loans instead.

The EDC’s $200,310 grant to the city of East Providence for the solar-power project will be combined with a $100,000 allocation of federal stimulus money as well as a $40,000 grant from the Rhode Island Foundation to help finance the $400,620 project.

City officials said the solar installation at a 220-acre site off Forbes Street is planned to take place in stages.

The city has hired Boston-based CME Energy to develop and operate the solar-panel farm, which officials hope will initially provide power to a nearby middle school, and to the city’s wastewater treatment plant.

East Providence officials have said they hope the city may be able to sell excess electricity back to the electric grid and collect revenue.

Calendar
PBN Hosted
Events

Please join PBN on September 10th for the 3rd Annual Fastest Growing & Innovative Companies program at Rosecliff Mansion in Newport. Seating is limited so be sure to register early.
Advertisement
Purchase Data
Book of Lists
Lists
Book of Lists cover
PBN's annual Book of Lists has been an essential resource for the local business community for almost 30 years. The Book of Lists features a wealth of company rankings from a variety of fields and industries, including banking, health care, real estate, law, hospitality, education, not-for-profits, technology and many more.
Data icons
Data can be purchased as single lists, in either Excel or PDF format; the entire database of the published book, in Excel format; or a printed copy of the Book of Lists.
  • Purchase an e-File of a single list
  •  
  • Purchase an e-File of the entire Book of Lists database
  •  
  • Purchase a printed copy of the Book of Lists
  •  
    National
    Local
    Latest News
    Advertisement