The Department of Energy will provide up to $30 billion in loan guarantees, depending on the applications and market conditions, for renewable energy projects. Another $750 million 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 are being funded partly through the American Recovery and Recovery Act of 2009 (ARRA) and partly through 2009 appropriations.
The lending authority includes the following:
– up to $8.5 billion in lending authority supported by 2009 annual appropriations for renewable energy;
– up to $2 billion in subsidy costs, provided by ARRA, to support billions in loans for renewable energy and electric power transmission projects;
– up to $500 million in subsidy costs to support loans for biofuel projects funded by ARRA; and
– up to $750 million in subsidy costs, provided by ARRA, to support loans for large transmission infrastructure projects in the U.S. that use commercial technologies and begin construction by Sept. 30, 2011.
SOURCE: Department of Energy
