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Loan Guarantee Solicitations to Commercialize Green Energy Technologies

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DOE Announces Plans for Loan Guarantee Solicitations to Commercialize Green Energy Technologies

April 11, 2008 -- The U.S. Department of Energy announced plans to issue loan guarantee solicitations this summer for up to $38.5 billion to help accelerate the commercialization of innovative, environmentally friendly energy technologies.

The selection criteria for clean energy projects under these solicitations will focus on the:

  • Avoidance of greenhouse gases and air pollutants
  • Speed at which technologies can be commercialized
  • Cost-saving potential for consumers
  • Prospect of repayment
  • Potential for long-lasting success of these technologies in the marketplace.

Technologies can include renewable energy and energy efficiency technologies, as well as advanced electricity transmission and distribution technologies.

In a Fiscal Year (FY) 2008 loan guarantee implementation plan sent to Congress, DOE outlined plans to issue its second round of solicitations concurrently no later than June 2008 for efficiency, renewable energy and electric transmission projects (up to $10 billion); nuclear power facilities (up to $18.5 billion); and nuclear facilities for the “front-end” of the nuclear fuel cycle, including uranium enrichment (up to $2 billion). Later this summer, DOE intends to issue a third solicitation for loan guarantee applicants for advanced fossil energy projects (up to $8 billion).

Selection criteria for the clean energy projects under these solicitations will focus on the avoidance of emissions of greenhouse gas emissions and other air pollutants; the speed at which technologies can be commercialized; cost-saving potential for consumers; the prospect of repayment; and the potential for long-lasting success of these technologies in the marketplace.

Following funding and authorization for the program in February 2007, DOE has made significant progress, including conducting a thorough review of 143 pre-applications received pursuant to DOE’s first solicitation in August 2006 and inviting sponsors of 16 projects to submit full applications. These 16 projects include:

  • 6 biomass projects
  • 3 advanced fossil energy projects
  • 2 industrial energy efficiency projects
  • 2 solar energy projects
  • 1 electricity delivery and energy reliability project
  • 1 hydrogen project
  • 1 alternative fuel vehicles project

DOE’s Loan Guarantee program, authorized by Title XVII of the Energy Policy Act of 2005 (EPAct), aims to encourage early commercial use of new or significantly improved technologies in energy projects. Loan guarantees issued by DOE, and backed by the full faith and credit of the United States government, will encourage the development of projects that employ new technologies that avoid, reduce, or sequester air pollutants and greenhouse gases. Projects supported by loan guarantees will help fulfill President Bush’s goal of reducing our reliance on imported sources of energy by diversifying our nation’s energy mix and increasing energy efficiency.

Learn more about the DOE Department’s Loan Guarantee Program.

Edited by Carolyn Allen, owner/editor of California Green Solutions
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