U.S. DOE Announces $30.5 Billion in Loan Guarantees for Renewable & Nuclear Energy Projects
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The U.S. Department of Energy has put a lot of money on the table lately. Last week saw $90 million for geothermal research. The agency's latest announcement brings much more, albeit in the form of loan guarantees and not outright grants.
Three separate solicitations announced
The U.S. DOE has announced three solicitations for a total of $30.5 billion in loan guarantees for "advanced energy technologies that avoid, reduce, or sequester air pollutants or greenhouse gas emissions." There are three solicitation areas: energy efficiency, renewable energy and advanced transmission and distribution technologies; nuclear power facilities, and "advanced nuclear facilities for the "front-end" of the nuclear fuel cycle."
"Loan guarantees from the Department will enable project developers to bridge the financing gap between pilot and demonstration projects to full commercially viable projects that employ new or significantly improved energy technologies," Jeffrey F. Kupfer, the Acting Deputy Secretary of Energy, said.
Loan guarantees favor nuclear over renewables
The breakdown of the loan guarantees is this: $10 billion for energy efficiency, renewables and power transmission, $18.5 billion for nuclear power facilities, and $2 billion for so-called "advanced nuclear". In a separate solicitation announcement expected sometime this summer, the DOE says it intends to offer "advanced fossil energy projects" up to $8 billion in loan guarantees.
:: Department of Energy Loan Guarantee Program
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