DOE Expands Loan Guarantee Program to Include Private Funding

Energy Secretary Steven Chu announced that the DOE Loan Guarantee Program will be expanded to permit more participation by financial institutions and other investors to provide increased support for innovative energy technologies. A rule revision will allow for the expansion.

 

"This much needed change will provide greater flexibility to the Loan Guarantee Program and help us to support more projects at a better value to taxpayers. This is part of our commitment to ensuring businesses are able to access the support they need to create jobs and contribute to a clean energy economy," the secretary said.

 

The rule change will allow the Loan Guarantee Program to consider project financing together with other lenders and also will be able to provide loan guarantees to innovative technologies projects that have multiple participants.

 

The program provides federal support for clean energy projects that utilize innovative technologies, and encourages additional investment in those advanced technologies. DOE had solicited feedback from industry and others in its effort to enhance the "reach and success" of the Loan Guarantee Program.

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