Culver says Iowa Power Fund was 'right thing to do'
AP investigation finds that less than a third of fund's money has been spent
Former Iowa Gov. Chet Culver says his program to support renewable energy research and development has been "wildly successful" even if only a fraction of the money has been spent.
Culver pointed to a plant in Shenandoah that is growing algae as an example of a success story from the Iowa Power Fund. He says construction on a cellulosic ethanol plant is under way in Emmetsburg, and a second plant is moving forward.
Culver says those three projects alone, if they come to fruition, would justify the state's $71 million investment in the fund.Culver reacted Friday to an investigation by The Associated Press that found a third of the fund's money has been spent, five years after its creation. He says the fund has been careful with tax dollars.