April 15, 2008
Ohio

Cuyahoga gets $2.5 million toward wind turbines

Cuyahoga County has been awarded $2.5 million in renewable-energy bonds to help finance a proposal to build off-shore wind turbines.

The Internal Revenue Service recently awarded the bonding capacity to the county, on behalf of the Great Lakes Energy Development Task Force.

The task force is in the early stages of a 13-month feasibility study, looking at erecting a handful of turbines off the shore of downtown Cleveland as a demonstration project. The proposal also includes establishing a wind energy research center.

Local officials say there are no wind turbines operating on fresh water in the world, a niche they want to exploit for economic development.

The energy bonds pay zero interest, essentially acting as an interest-free loan to the project. But bond buyers would enjoy credits on their federal income taxes.

A task force committee is studying how the bond proceeds will be invested.

Posted by Tom Breckenridge