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Culver says Iowa Power Fund was 'right thing to do'
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.
Iowa Gov. Chet Culver waves after delivering his final Condition of the State speech before a joint session of the Iowa Legislature, Tuesday, Jan. 11, 2011, at the Statehouse in Des Moines, Iowa. (AP Photo/Charlie Neibergall)
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