Clean-Energy Funding to Drop After Obama Grant Program Ends
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U.S. financing for renewable energy will drop next year after the expiration of a grant program that backed at least $32.9 billion in projects, one of President Barack Obama’s most ambitious efforts to support the industry.
The program, which ends Dec. 31, encouraged companies including Google Inc. and Citigroup Inc. to take equity stakes in wind and solar projects. It paid out $3.3 billion last year, about a 10th of the $34 billion invested in clean energy in the U.S., and provided $9.6 billion since 2009.