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United States

United States

US to guarantee $4 billion in renewable energy loans

UNITED STATES: The Department of Energy (DoE) has issued a draft $4 billion loan guarantee solicitation for renewable energy and energy efficient projects.

The Shepherds Flat project received a partial loan guarantee from the DoE in 2010
The Shepherds Flat project received a partial loan guarantee from the DoE in 2010

When finalised, the renewable energy and efficient energy projects loan guarantee programme is expected to make up to $4 billion in loan guarantees available to help commercialise technologies that are otherwise unable to obtain full commercial funding.

The announcement is part of the US Government's "all-of-the-above" energy strategy, which looks at developing all forms of domestic energy production.

In October 2010, the DoE closed on a $1.3 billion partial loan guarantee to finance the 845MW Caithness Shepherds Flat wind project in eastern Oregon, which started operating in September 2012.

The US installed just over 1GW of wind projects in 2013, a huge drop from the 13GW installed in 2012, the slump atributed to the threat of the production tax credit (PTC) expiring.

In early April, the US Senate finance committee approved a package of tax breaks, including a two-year extension on the PTC for wind energy, but the bill is still waiting for Senate approval.

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