Secretary Bodman Announces $2 Billion Federal Loan Guarantee Program

As part of the first anniversary of the Energy Policy Act of 2005, U.S. Department of Energy (DOE) Secretary Samuel W. Bodman unveiled DOE program guidelines for $2 billion in loan guarantees to encourage investment in projects that use new energy technologies. “We hope to spur investment in new renewable energy projects like solar and wind, as well as clean coal technologies and efforts that can convert cellulosic biomass into ethanol,” he said.

“With these loan guarantees we hope to encourage creativity and ingenuity that will help us strengthen our nation’s energy security,” said Secretary Bodman in Baltimore while joining Maryland Governor Robert Ehrlich for the opening of Maryland’s first state-owned E-85 fueling facility. “Projects eligible to receive loan guarantees are vast and varied.” The solicitation will govern the first round of loan guarantee applications, valued at $2 billion. Loan guarantees will enable the DOE to share some of the financial risks of projects that use new or significantly improved energy technologies that avoid, reduce or sequester air pollutants and greenhouse gases. Plus, DOE will soon propose draft regulations for public comment that will govern future solicitations. Secretary Bodman said, “By diversifying our energy mix, we strengthen our nation’s energy security, reduce our reliance on foreign oil, and provide employment for America’s farmers and biorefiners.”
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