The Treasury Department awarded $550 million to American companies that manufacture renewable energy equipment, part
of the stimulus package signed into law by President Obama in February.
"This is a program that is working quickly," Treasury Secretary Timothy Geithner told reporters. "It's trying to catalyze private-sector financing, mobilize private capital and provide better returns of the taxpayers' money."
Energy Secretary Steven Chu said the funds
, coupled with a similar sum from earlier this month, will allow American companies to move forward with new construction projects and help energize the growing clean energy economy.
"We want to catalyze private-sector investment … in green technologies," Chu said. "We see this as an incredible opportunity to build new high-tech manufacturing industries."