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Obama Administration announces billions in lending authority for renewable energy projects and to modernise the grid

30 Jul 2009

US Energy Secretary Steven Chu has announced that the Department of Energy will provide up to $30bn in loan guarantees, depending on the applications and market conditions, for renewable energy projects.

Another $750m 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.

‘These investments will be used to create jobs, spur the development of innovative clean energy technologies, and help ensure a smart, strong and secure grid that will deliver renewable power more effectively and reliably,’ said Secretary Chu. ‘This administration has set a goal of doubling renewable electricity generation over the next three years. 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 $8.5bn in lending authority supported by 2009 annual appropriations for renewable energy, up to $2bn in subsidy costs, provided by the Recovery Act to support billions in loans for renewable energy and electric power transmission projects, up to $500m in subsidy costs to support loans for cutting edge biofuel projects funded by the Recovery Act, and also up to $750m in subsidy costs, provided by the Recovery Act, to support loans for large transmission infrastructure projects in the U.S. that use commercial technologies.

Secretary Chu also announced up to $11.8m for five projects designed to advance the next stage of development of solar energy grid integration systems (SEGIS).

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