The Department of Energy's Loan Programs Office announced that $1 billion of additional loan guarantee authority has been finalized and application deadlines have been extended for the Advanced Fossil Energy Projects and Renewable Energy and Efficient Energy Projects solicitations.
At the National Clean Energy Summit in Nevada, President Obama announced how the Loan Programs Office (LPO) can support distributed energy generation. LPO has released supplements to its existing Renewable Energy and Efficient Energy (REEE) Projects and Advanced Fossil Energy Projects solicitations to provide guidance on the kinds of Distributed Energy Projects and project structures it can support under the Title XVII loan program. In addition, the President announced that LPO has initiated the process to increase the loan guarantees available under the REEE and Advanced Fossil Energy Projects solicitations by up to an additional $1 billion.
As financing becomes an increasingly important aspect of continuing clean energy’s rapid growth, I could not have picked a better time to join the Department’s Loan Programs Office (LPO). As one of the nation’s largest project finance organizations with $40 billion in remaining authority, we have the opportunity to do some amazing things. I am honored to have been selected by President Obama and Secretary Moniz to serve as LPO’s new Executive Director.
LPO has heard from technology providers and project developers with a wide range of exciting technologies and has received a robust pipeline of applications. However, during the course of our conversations with technology providers and project developers, it became clear that we could provide further clarity to potential applicants on the eligibility of projects. LPO has developed and issued supplemental guidance for each of the open Title XVII solicitations.
Executive Director Peter Davidson marked the the end of his tenure at the Department’s Loan Programs Office (LPO) with another major achievement for the program – the announcement that the Department will guarantee $1.8 billion in loans to three subsidiaries of the Municipal Electric Authority of Georgia (MEAG Power) for the Vogtle advanced nuclear energy project.
In April 2015, Loan Programs Office (LPO) Executive Director Peter Davidson participated in the Obama Administration’s first presidentially-designated Business Development Mission to the People’s Republic China, led by Commerce Secretary Penny Pritzker and Deputy Secretary of Energy Elizabeth Sherwood-Randall. In this blog, he shares his thoughts about how the trip helped the United States move ouragenda with China forward in elevating our global leadership role in deploying clean energy and addressing the threat of climate change.
The Department announced a conditional commitment for a $259 million Advanced Technology Vehicles Manufacturing (ATVM) loan to aluminum manufacturer Alcoa, Inc. that would support the company’s Alcoa, Tennessee, manufacturing facility, where the company will produce high-strength aluminum sheet for North American automakers looking to lightweight their vehicles.
LPO helped finance the first five utility-scale PV projects larger than 100 MW in the U.S. With Desert Sunlight now fully operational, all five projects are online, generating clean electricity and repaying loans. The initial investments made by LPO helped build a market that subsequently financed an additional 17 projects larger than 100 MW without help from the Department.
This morning, the Department announced that it is making $12.5 billion in loan guarantees available for Advanced Nuclear Energy Projects. My colleagues in the Loan Programs Office (LPO) and I are following up on this announcement by discussing the role loan guarantees can play in helping to build a strong U.S. nuclear power industry for the future before a gathering of industry professionals at the Nuclear Power International conference.
The Department of Energy’s Loan Programs Office (LPO) is going on the road. From Seattle to St. Louis, New York to Nashville, and points in between, members of the LPO team are traveling to as many cities in the U.S. as they can.
The team is following my lead to talk with state and local government agencies, colleges and universities, trade associations, and energy leaders across the country.
Coal remains an important part of the nation’s all-of-the-above energy strategy and advanced fossil energy technologies will play a large role. The Department is working with the industry to support those innovative technologies from the lab to commercial scale.
When he announced the creation of the White House Rural Council, President Obama said, “Strong rural communities are key to a stronger America.” Strengthening America’s energy generation and transmission will play an important role in this opportunity for rural communities.
The Department of Energy’s Loan Programs Office (LPO) is announcing two administrative updates to its Section 1703 loan guarantee program. This program was authorized by Title XVII of the Energy Policy Act of 2005 and issues loan guarantees to eligible innovative energy projects.
The Department of Energy announced that it has issued a conditional commitment for a $150 million loan guarantee to the Cape Wind Project, which would be the first offshore wind energy project in the U.S. if constructed off Nantucket Sound. It could supply approximately 75 percent of the electricity needs of Cape Cod and the Islands.
Recent milestones by Nissan and Tesla highlight the growing demand for advanced technology vehicles and with nearly $16 billion in remaining loan authority, the ATVM Loan Program can play an important role in meeting that demand and the President’s average fuel efficiency goal.
America’s love of the pickup truck is what makes us so excited by this week’s announcement that Ford has sold its 500,000th 3.5-liter V6 EcoBoost®-equipped F-150 truck. The EcoBoost achievement is the latest success story for the Department’s Loan Programs Office (LPO).