DOE Makes $30B Available to Jumpstart Renewable Energy

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The Energy Department is making up to $30 billion in loan guarantee authority available for renewable energy and electric grid modernization projects.

DOE announced yesterday it was ready to accept applications for about $8.5 billion in loan guarantee authority for advanced renewable energy projects made available in the department’s 2009 spending bill and $3.25 billion provided by the American Recovery and Reinvestment Act to cover the subsidy costs that will unleash the billions of dollars in loan guarantee authority for renewable energy, transmission projects and biofuels.

The government-backed authority should help boost lending capital for renewable and other clean-energy technology projects, which has dried up with the financial recession. The stimulus act also included an extension of tax credits for renewable energy and added flexibility where companies can apply for grants instead of using tax credits that the Treasury Department also made available this month (E&ENews PM, July 9).

New York Times