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MHT reporter Efrain Viscarolasaga on NECN: Green tech brings jobs back to Mass.
The Rhode Island Economic Development Corp. (RIEDC) has reorganized the management of the state's Renewable Energy Fund, making what officials called a "new commitment to stimulate job growth in green technology (and) green energy sectors of Rhode Island’s economy."
As part of the process, RIEDC, which assumed responsibility for the state’s Renewable Energy Fund this summer, has selected Julian Dash, who previously ran Dash Development, an energy-efficient mixed-income housing development firm, to direct the REF program. Dash will be responsible for managing the fund, soliciting applications and working with RIEDC’s business development and finance team to create a comprehensive strategy for the group. Dash will be supported by Renewable Energy coordinator Jennifer Paolino, who joined the RIEDC in October. Both positions are paid by the Renewable Energy Fund, which is funded through an energy surcharge paid by National Grid customers.
With the move to RIEDC, the Renewable Energy Fund will also undergo regulatory changes, including:
• The establishment of four recipient categories for funding: Municipal projects; affordable housing projects; pre-development consultant and technical feasibility; and all other renewable energy projects;
• An annual grant for municipal and affordable housing projects of up to $1 million;
• A funding cap for individual municipal projects of $500,000. Affordable housing projects are capped at $200,000;
• Loans, grants, and recoverable grants equal to or below $50,000 will be approved by the RIEDC executive director, while projects above $50,000 will be approved by the RIEDC board of directors;
The Renewable Energy Fund currently has a balance of $4.1 million, of which $3.2 million is committed to Special Area Management Plan (SAMP) being conducted by the University of Rhode Island and the Coastal Resources Management Council. The fund has also been responsible for funding several projects in the state, including the Portsmouth Abbey wind turbine and the formation of the RI Wind Alliance.
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