Vistra agrees USD 3.25bn buyout of zero-carbon energy unit
Sep 19, 2024 11:01 CESTThe US Environmental Protection Agency (EPA) on Monday selected 25 applications to receive more than USD 4.3 billion (EUR 3.95bn) in total Climate Pollution Reduction Grants (CPRG), including USD 372 million for projects in the electric power sector.
The recipients include states, a Tribe, local governments, and coalitions of these entities. They will receive funds for projects in 30 states that seek to reduce greenhouse gas pollution from six sectors, as shown in the table below.
Sector | CPRG funds to be awarded |
Transportation | USD 1.18bn |
Electric power | USD 372m |
Buildings | USD 1.06bn |
Industry | USD 636m |
Agriculture / natural and working lands | USD 931m |
Waste and materials management | USD 121m |
“Selected recipients have put forward ambitious plans to advance sustainable agriculture, deploy clean industrial technologies, cut emissions and energy costs in homes and commercial buildings, and provide cost- and energy-efficient heating and cooling to communities, creating economic and workforce development opportunities along the way,” said EPA Administrator Michael Regan.
In the electric power sector, grants will be extended to incentivise the deployment of up to 19,000 MW of solar and wind generation by 2030 and to redevelop brownfields and landfills to support renewable energy.
One particular project, with the application title “Accelerating Siting, Zoning, and Permitting of 60% Renewable Energy in Michigan,” has been selected to receive over USD 129 million to provide incentives and technical assistance to help speed up the siting, zoning, and permitting of renewable energy.
When combining the estimates provided by all selected applicants, the proposed projects would cut greenhouse gas pollution by up to 971 million metric tonnes of carbon dioxide (CO2) equivalent by 2050, according to the announcement.
EPA said that as part of the process, it has reviewed almost 300 applications requesting nearly USD 33 billion in total funding. Subject to all legal and administrative requirements being met, the agency expects to award the funds later this year. Moreover, it anticipates announcing up to an additional USD 300 million in selections under the programme later this summer.
(USD 1.0 = EUR 0.919)
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