To address the interest the Energy Department's Loan Programs Office has received, LPO Director of Origination Douglas Schultz answers six questions about loan guarantees for Distributed Energy Projects under its existing approximately $4.5 billion Renewable Energy and Efficient Energy (REEE) Projects and $8.5 billion Advanced Fossil Energy Projects solicitations.
The Energy Department's Loan Programs Office guaranteed $16.1 billion in loans to 25 Recovery Act projects. Beautiful illustrated posters celebrate how LPO has helped create jobs and provide clean energy to homes and businesses across America.
In 2011, the Loan Programs Office (LPO) issued loan guarantees to the first five PV projects larger than 100 megawatts (MW) in the United States. As required by law, LPO stopped issuing new loan guarantees under the Section 1705 Program created by the American Recovery and Reinvestment Act (ARRA) on September 30, 2011. As of February 2016, the initial investments made by LPO helped build a market that subsequently financed an additional 28 PV projects larger than 100 MW in the United States
Today, the Department’s Loan Programs Office (LPO) released a report highlighting the role it has played in financing commercial-scale deployments of energy technology innovation that are already helping the U.S. to reduce carbon dioxide emissions. As of September 2015, the clean energy and auto manufacturing projects in LPO’s portfolio have avoided nearly 25 million metric tons of carbon dioxide emissions. This is equivalent to taking 5.28 million gasoline-powered cars off the road.
Desert Sunlight, a 550-megawatt (MW) photovoltaic (PV) solar power plant located in Riverside County, California, was designated a Top Renewable Plant by POWER Magazine, which has been covering the power industry for more than 132 years.
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.