A new $300,000 windfall has been created for investors in the energy sector by the U.S. Department of Energy.
The U.N. Climate Change Conference in Paris on Nov. 30 raised $2.2 billion in global climate finance, bringing the total funding from private investors to more than $1.8 trillion.
In a statement Thursday, the DOE said the $300 million from the swapback was awarded to U.K.-based Wind Power Capital Group, a London-based investor group.
Wind Power is part of a group of investment funds, including Royal Dutch Shell and German fund ManTech, that participated in the $3.8 billion deal to sell its stake in a coal mine in Wales.
The company also has an agreement to sell a portion of its stake to a Chinese company, and the coal mine will continue to operate.
The swapback is part on the DOE’s Renewable Portfolio Standard (RPS) to help support energy-related clean energy investments.
The $300-million is expected to help meet the demand for renewable energy, especially from new technologies, said DOE spokesman Dave Williams.
Wind power is already the leading form of clean energy, accounting for roughly 50 percent of U.s. clean energy generation in the first quarter of this year, according to a study by the Union of Concerned Scientists.
Wind Power said in a statement it will use the funds to buy back the shares in the coal mining company.
WindPower said in its statement that the coal mines will continue operation and the company will continue operating in the U-S.
The coal mine’s operator, Anglo American, said in an emailed statement that it is “proud of its legacy of innovation and success and appreciates the opportunities offered by the DOE for renewable investments.”
The coal mining is part and parcel of a plan announced last month by President Donald Trump, to eliminate more than 1,000 coal-fired power plants.
The Trump administration has pledged to eliminate all coal-burning power plants by 2025.
The deal with Wind Power will make it easier for the U in the transition to a clean energy future, Williams said.
It will also help to expand renewable energy investments and support other energy-producing sectors, such as biofuels and solar, Williams added.
The DOE is also funding the $2 billion to build the $1 billion Green Power Innovation Center in Washington, D.C. to help the agency develop new technologies for solar, wind, and geothermal energy.
The center is scheduled to open later this year.