Barack Obama spoke at an Ohio plant that manufactures small parts used in wind turbines, to build support for his economic stimulus plan. He told the small company of about 65 workers that the U.S. is in the middle of crisis unlike any “in our lifetime.”

“Renewable energy isn’t something pie-in-the-sky,” Obama said. “It’s not part of a far-off future. It’s happening all across America right now. With all the bad news going on out there, with all the news of jobs lost and businesses shuttered, jobs were created right here.”

Obama toured Cardinal Fastener, who began building wind turbine parts just two years ago and was chosen to highlight two aspects of his policy: creating U.S.-based manufacturing jobs and investing in alternative energy sources.

“It’s not too late to change course, but only if we take dramatic action as soon as possible,” Obama said. “We’re looking to create good jobs that pay well and won’t be shipped overseas.”

Wind power capital expenditures are also expected to suffer during these difficult economic times and market researcher Emerging Energy Research, is predicting wind capacity will increase by only 14 percent globally this year.

There used to be an abundance of funding to finance wind power projects, however with the sharp downturn in the economy, lenders have become tighter with their cash, pushing lots of independent energy producers out of the market. Moreover, the demand for wind turbines has dropped, forcing wind turbine producers to drastically reduce their prices or go out of business.

Although President-elect Barack Obama recently revealed a stimulus package for the clean technology sector that includes wind power, investors are reluctant to put money into the wind energy sector until more details are given.

Barrack Obama is currently developing an economic stimulus package for the clean technology sector. Since investors are having such a problem getting any kind of backing with the current economic crisis, this was a major shot in the arm for companies specializing in renewable energy. Renewable energy shares soared following the announcement last week and maintained it’s upward momentum into last Friday.

It’s an exciting result for proponents of wind energy. An aide to Obama stated Friday that the Obama administration plans to add 20 gigawatts or more of wind power by 2012 through loan guarantees and fast tracked national renewable energy requirements.

Investments in Wind Power had previously been taking a beating so this came at just the right time.