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State establishes fund to invest in energy projects

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Staff Report 4:49 PM Wednesday, February 10, 2010

COLUMBUS — State officials have established a public-private partnership they hope will make at least $80 million available to invest in energy projects and energy technology companies, with a long-term goal of advancing Ohio’s economy by creating new jobs.

The Ohio Energy Gateway Fund starts with a total of $40 million in federal economic stimulus funds and state job stimulus funding, Gov. Ted Strickland said Wednesday, Feb. 10. State officials said they hope it will help raise at least an additional $40 million through partnerships with sources of private investment capital.

The fund is intended to support and accelerate projects including wind, solar, hydroelectric. nuclear and geothermal energy; electric batteries and fuel cells, energy efficiency and energy storage, Strickland said.

The Ohio Department of Development and the Ohio Air Quality Development Authority partnered to create the fund, which will be initiated once an investment manager is selected. The two state agencies issued a request for proposals Wednesday aimed at attracting private investors.

Information is available online at http://www.development.ohio.gov/OhioEnergyGatewayFund. Ohio Department of Development officials said they must receive the proposals by 4 p.m. on Feb. 24. Proposals must be mailed to: Ohio Department of Development, Ohio Energy Resources Division, Attn.: Energy Gateway Fund Request for Proposals, 77 S. High St., 26th floor, P.O. Box 1001, Columbus, OH 43216-1001.

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