Bioenergy, Energy Efficiency, Geothermal, Hydropower, Solar, Wind Power

DOE Announces US $10 Billion in Loan Guarantees for Renewable Energy

The U.S. Department of Energy (DOE) announced a solicitation for up to $10 billion in federal loan guarantees for renewable energy and energy efficiency projects. This marks the second round of solicitations for DOE’s Loan Guarantee Program, which encourages the commercial use of new or significantly improved energy technologies.

The authority to issue loan guarantees in the amounts specified by the solicitations was provided to DOE in the Consolidated Appropriations Act of 2008 and is consistent with the Department’s FY 2009 Congressional Budget Request.

“Loan guarantees from the Department will enable project developers to bridge the financing gap between pilot and demonstration projects to full commercially viable projects that employ new or significantly improved energy technologies,” said Jeffrey Kupfer, the Acting Deputy Secretary of Energy. “Projects supported by loan guarantees will help meet President Bush’s goal of diversifying our nation’s energy mix with energy projects that will improve the environment while increasing energy efficiency.”

Loan guarantees issued by DOE will be backed by the full faith and credit of the United States.