Archive for October 20th, 2009
Now we’re talking about some real money.
The Department of Energy is launching a new loan guarantee program that will provide $750 million in Recovery Act spending as seed money designed to accelerate the development of conventional renewable energy projects.
At that level of funding, the loan guarantees could support as much as $4 to $8 billion in lending to eligible projects, according to DOE’s announcement.
The department also says it will invite private sector participation to accelerate the financing of the renewable energy projects.
To make this happen it has created the Financial Institution Partnership Program, or FIPP, which it describes as a “streamlined set of standards designed to expedite DOE’s loan guarantee underwriting process and leverage private sector expertise and capital for the efficient and prudent funding of eligible projects.” Eligible projects include hydropower, wind power, geothermal, solar, biomass, and trash-to-energy.
On Thursday (Oct. 22) the department has scheduled a webinar to “help companies navigate the process of applying for loan guarantees” under FIPP. During the webinar, scheduled to begin at 12 p.m. eastern time, the DOE’s Douglas Schultz will address questions and concerns regarding the new program. Click here to register.