PORTSMOUTH – The town has received approval to borrow up to $2.6 million in Clean Renewable Energy Bonds to finance the proposed purchase and installation of one or two wind turbines at the public middle and high schools to offset their use of electricity. The town received permission last week from the Internal Revenue Service to issue the interest-free bonds as part of a program created under the federal Energy Tax Incentives Act of 2005. The IRS has approved the borrowing of $800 million in bonds by 610 renewable energy projects across the country. Portsmouth was one of two entities in Rhode Island to be approved for funding through the program. The Narragansett Bay Commission will also be allowed to issue $2.6 million in bonds to put up a wind turbine at its Fields Point wastewater treatment plant in Providence and pursue a biogas project at its Bucklin Point treatment facility in East Providence. The approvals were announced at Roger Williams University during the inaugural meeting of the Rhode Island Wind Alliance, which has been formed to promote wind power projects in the state.
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