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President Obama has signed into law the American Recovery and Reinvestment Act, a $787 billion stimulus packaged intended to create jobs, jumpstart growth and transform the U.S. economy to compete in the 21st century. The compromise version of the act will create or save 3.5 million jobs over the next two years, according to the White House.

Among the other measures, the package will double renewable energy generating capacity over three years, as well as create a Clean Energy Finance Authority that, combined with renewable tax credits, will leverage an additional $100 billion in private investment in the renewables sector. The finance authority will provide loan guarantees and other financial support to help ease credit constraints for renewable energy investors and catalyze new private sector investment.

The American Wind Energy Association (AWEA) applauded the bill's signing. "The U.S. wind energy industry is grateful to Congress and the president for taking this important step to secure an economic recovery that includes a strong focus on renewable energy," says AWEA CEO Denise Bode. "We are thankful to be called upon, and ready to deliver. Wind power will create jobs by the thousands today and help build the vibrant, clean energy economy of tomorrow."

SOURCES: White House, AWEA

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