Obama Administration Announces Billions in Lending Authority for Renewable Energy Projects and to Modernize the Grid
U.S. Energy Secretary Steven Chu announced that the Department of Energy will provide up to $30 billion in loan guarantees, depending on the applications and market conditions, for renewable energy projects. Another $750 million will support several billion dollars more in loan guarantees for projects that increase the reliability, efficiency and security of the nation’s transmission system. The two new loan guarantee solicitations announced today are being funded partly through the Recovery Act and partly through 2009 appropriations. Only up to $500 million in subsidy costs is slated to support loans for cutting edge biofuel projects funded by the Recovery Act. The rest focuses on electrical enery production and transmission.
The two solicitations issued July 29, 2009 mark the sixth and seventh rounds of solicitations by the Department’s Loan Guarantee Program, which encourages the commercial use of new or improved energy technologies to help foster clean energy projects. Applications will be accepted over the next 45 days. The Department has streamlined its processes to accelerate these new loan solicitations. READ MORE
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