pepei.pennnet.com
14 October 2009
The Department of Energy will provide up to $750 million in funding from the American Recovery and Reinvestment Act to help accelerate the development of conventional renewable energy generation projects by getting private lenders involved in the loan guarantee process. DOE created the Financial Institution Partnership Program, a streamlined set of standards designed to expedite the loan guarantee underwriting process and leverage private funding of eligible projects. Proposed borrowers would not apply directly to DOE but work instead with financial institutions, which may apply directly to DOE for a loan guarantee.
This first solicitation seeks loan guarantee applications for conventional renewable energy projects such as wind, solar, biomass, geothermal and hydropower. Past solicitations have focused on projects using new or innovative technologies not in general use. The Recovery Act created a new section for the rapid deployment of renewable energy projects and related manufacturing facilities, electric power transmission projects and leading edge biofuels projects that begin construction before September 30, 2011.
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