Xcel issues $23M renewable energy RFP

Minnesota-based Xcel Energy (NYSE: XEL) today announced it's earmarked up to $23 million from its Renewable Development Fund for distribution as grants.

The company is now accepting proposals.

Funding will be available for various-sized projects in two categories: energy production, and research and development.

It's the fund’s third request-for-proposals (RFP).

A renewable development fund advisory board, comprised of two representatives of Xcel Energy, two representatives of environmental organizations, one representative of the Prairie Island Indian Community, an industrial/commercial representative, and a residential representative, will evaluate and select proposals to support with resources from the fund.

The Renewable Development Fund money comes from Xcel Energy customers after expenditures from the fund are approved by the Minnesota Public Utilities Commission (MPUC). Each year the company sets aside $16 million for the fund in accordance with state statute.

In the company's second cycle in 2003, more than 200 renewable energy project proposals were submitted. Twenty-nine projects were approved to receive a total of $37 million in funding. The projects spanned environmentally friendly technologies including energy production and research projects involving wind, hydro, solar and biomass renewable energy sources.

Selected proposals will be announced in October 2007, and all projects chosen will be subject to approval by the MPUC.

Xcel Energy is a major U.S. electricity and natural gas company with regulated operations in eight Western and Midwestern states and transmission facilities in 10 states.

The new RFP is electronically available at www.xcelenergy.com/rdf. Potential applicants who have questions about the RFP and selection process may call (800) 354-3060.

The deadline is July 12, 2007.

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