The U.S. Energy Department will use more than half of the $35 to $40 billion it will receive from the federal economic stimulus package for renewable energy projects, a spokesman at the Energy Department said, according to Reuters.

The funds will likely be approved this week as the U.S. Congress and President Barack Obama's administration negotiate on the final details of over more than $800 billion in spending and tax breaks to boost the economy.

The department is committed to investing in renewable energy projects as soon as six months after the stimulus bill is signed into law, spokesman Dan Leistikow said.

The secretary is committed to streamlining the process and eliminating unnecessary paperwork so that we can make these important investments that create jobs as quickly as possible, he said.

Secretary of Energy, Steven Chu, is considering working with experts in the private sector and federal agencies to help spread the money as soon as possible, Reuters reported.