Occidental Petroleum Announces Significant California Oil and Gas Discovery
Ford Investigating Mouldable Wood-Plastic Compound for Greater Recyclability and Lower CO2 Balance

DOE To Provide Up to $30B in Loan Guarantees for Renewable Energy Projects

The U.S. Department of Energy (DOE) 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.

The lending authority includes:

  • Up to $8.5 billion in lending authority supported by 2009 annual appropriations for renewable energy.
  • Up to $2 billion in subsidy costs, provided by the Recovery Act, to support billions in loans for renewable energy and electric power transmission projects.
  • Up to $500 million in subsidy costs to support loans for cutting edge biofuel projects funded by the Recovery Act.
  • Up to $750 million in subsidy costs, provided by the Recovery Act, to support loans for large transmission infrastructure projects in the US that use commercial technologies and begin construction by 30 September 2011.

The two solicitations issued today 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.

Comments

SJC

This is good, instead of waiting for the private sector that may never do anything or issuing no bid contracts to someones friends they are using loan guaranties that will leverage the financing and get more done.

Considering all the financial mess after the CDO/CDS melt down, it is difficult to get financing for any of this. So now they can get reduced risk loans to do what we need to do anyway. It sounds good to me.

ejj

I totally agree with SJC. I hope that geothermal energy is a big part of the mix. Overall this is A LOT of money - hopefully the taxpayer will get a good return on the investment.

SJC

These are loan guaranties not loans. Potentially they could all go bad and the U.S. would be required to pay, but the probablilities are low on that happening.

Qadir Tapra

improvements in the livelihoods of local communities; a dedicated Farmer Development Program has started to develop more than 2,000 hectares of land to produce food for the local communities. easy online loans

The comments to this entry are closed.