Peter Davidson, executive director for the U.S. Department of Energy's (DOE) Loan Programs Office (LPO), is stepping down at the end of June to return to New York and pursue new opportunities. His successor, Mark McCall, will begin in July.
Davidson, who accepted the position in May 2013, is credited with transforming the once-troubled financing program into a success.
In a letter announcing his departure, Davidson wrote the following:
‘I am very proud of what LPO has accomplished over the past two years. When I first joined LPO in May 2013, the program was at a crossroads. We had not issued a new loan in more than two years, could not accept any new loan guarantee applications and many of the projects in our more-than-$30 billion portfolio were still under construction.’
To date, there are 22 clean energy and automotive projects financed by the LPO that are currently operating. The LPO notes that the projects have also already repaid more than $5.4 billion, including more than $1 billion in interest payments to the U.S. Treasury, while nonperforming loans account for less than 3% of the portfolio.
Of note, the LPO has supported financial innovation, as the government agency completed the first tax equity transaction in the federal government and facilitated creation of new yieldcos to support greater investment in the clean energy markets. LPO has also championed new co-lending arrangements with commercial lenders.