RENEWABLE ENERGY & GREEN TECHNOLOGY

[EDWARD STEVENSON]

Feds Now Accepting Applications for Solar, Wind Power.
by: Greentech Media August 03, 2009

By Ucilia Wang
The U.S. Department of Treasury said Friday it's now accepting applications for a program for renewable energy project developers who wish to forgo a 30 percent investment tax credit in exchange for the equivalent amount in cash.

The Treasury department's announcement came three weeks after it released guidelines and a sample application to help companies prepare to apply for the grant online (see application website).

Project developers have been waiting for the government to start processing applications and giving out money ever since February this year, when the American Recovery and Reinvestment Act of 2009 created the program.

The program is meant to inject financing into a business that has found it difficult to line up money to build renewable energy generation projects.

But the financial market crisis has sidelined tax equity investors who in the past would invest in projects to make use of a 30 percent investment tax credit. If the investors aren't making much money, then they aren't likely to see a lot of value in taking a tax write-off.

The Treasury department expects to dole out $3 billion to about 5,000 projects generating power from solar, wind, biomass and other sources, the government said.

The U.S. Department of Energy, which knows more about renewable energy technologies, will help the Treasury department to review the applications.

The department promised to give out the cash within 60 days of receiving applications, but project developers must first complete the projects and put them into service.

Projects that have been installed since Jan. 1, 2009 are eligible. There is no cap for the amount each applicant could receive.

The grant program is meant to help projects that are up and running during 2009 and 2010. The government would consider projects that aren't finished by the end of 2010. The guidelines spell out more deadlines.

Although renewable energy companies were grateful when the government first created the program, some worry that the government might not dispense the money quickly enough to stimulate market demand (see Reality Check: How Much Impact Can the Feds Have on Solar?).

The Solar Energy Industries Association is now lobbying for a one-year extension of the program.

http://seekingalpha.com/article/153362-feds-now-accepting-applications-for-solar-wind-power?


Wireless Age to Enter Plasma Gasification Sector
TORONTO, ONTARIO--(Marketwire - July 22, 2009) - Wireless Age Communications, Inc. (PINK SHEETS:WLSA), ("Wireless Age" or "the Company") announced today that it has entered into a letter of intent with PowerPlay Energy Corp. ("PowerPlay") and Sunbay Energy Corp. ("Sunbay") to acquire the exclusive rights to develop Sunbay plasma gasification opportunities in the United States of America (the "USA Rights") and to acquire 60% of the issued and outstanding shares of Sunbay Port Hope Inc. ("Sunbay Port Hope"). Closing of the transaction is scheduled for July 31, 2009.

The Company has agreed to acquire the USA Rights and control of Sunbay Port Hope in exchange for seven million five hundred thousand (7,500,000) common shares of Newlook Industries Corp ("Newlook") and approximately $270,000 US in cash and forgiveness of debt. The Company will also enter into a management services agreement with PowerPlay to utilize the expertise of Mr. Jordan Oxley and his team. Mr. Oxley has over 7 years experience in clean energy development and he will become an integral part of the Wireless Age management team moving forward.

Sunbay Port Hope was organized to pursue a Sunbay biomass plasma gasification project in Port Hope, Ontario, Canada. Sunbay has entered into an exclusive developer agreement with Europlasma SA for Canada.

John G. Simmonds, CEO of Wireless Age stated; "We believe that renewable energy projects are extremely timely and will generate above average returns for shareholders. The Port Hope biomass project has been funded by Newlook, our controlling shareholder so we're well aware of what's necessary to make that project a success. We are in final stage discussions with potential new business partners and we plan to make known our plans for the United States market shortly. We also expect that Wireless Age and Newlook will complete our previously announced restructuring of debt as well as a name change for Wireless Age. The Port Hope project alone should provide Wireless Age with over $2M in net income once it is operational."

http://www.marketwire.com/press-release/Wireless-Age-Communications-Inc-PINK-SHEETS-WLSA-1020384.html