The U.S. Department of Energy announced Wednesday a solicitation fo up
to $30 billion in loan guarantees 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 are funded partly through the
Recovery Act and partly through 2009 budget appropriations.
Renewable energy developers have been waiting for loan gurantees since
they were authorized as part of the Recovery Act in February. The DOE
has been authorized to provide up to $60 billion in loan guarantees and
said more solicitations will be issued soon.
Applications will be accepted over the next 45 days.
"This administration has set a goal of doubling renewable electricity
generation over the next three years," Energy Secretary Steven Chu
said. To achieve that goal, we need to accelerate renewable project
development by ensuring access to capital for advanced technology
projects. We also need a grid that can move clean energy from the
places it can be produced to the places where it can be used and that
can integrate variable sources of power, like wind and solar."
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
U.S. that use commercial technologies and begin construction by
September 30, 2011.
Read more information on this solicitation and the Department's Loan Guarantee Program at the link below.
