DOE solicits Loan Guarantee Program applications

By Erin Voegele | July 08, 2009
Report posted July 30, 2009 at 3:45 p.m. CST

On July 29, U.S. Energy Secretary Steven Chu announced that the U.S. DOE will provide up to $30 million in loan guarantees, depending on the applications for market conditions, for renewable energy projects. This includes up to $500 million in subsidy costs to support loans for cutting edge biofuel projects.

The Loan Guarantee Program is designed to encourage the commercial use of new or improved energy technologies to help foster clean energy projects. The DOE has recently streamlined its process to accelerate these new loan solicitations. Applications for this round of solicitation will be accepted for 45 days.

"These investments will be used to create jobs, spur the development of innovative clean energy technologies, and help ensure a smart, strong and secure grid that will deliver renewable power more effectively and reliably," Chu said.

More information on this round of solicitation and the Loan Guarantee Program is available on the DOE's website.