The U.S. Energy Department (DOE) on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced harsh political attacks over past failures of federally subsidized projects. The draft plan would provide loan guarantees for innovative projects that limit or avoid greenhouse gas emissions, specifically focusing on advanced electric grid technology and storage, biofuels for conventional vehicles, energy from waste products and energy efficiency. Financing is proposed to be awarded by the end of the year or early 2015. Earlier this month, the DOE announced it revamped the review process for its automotive loan program in order to attract new applicants. This follows on an offering last year of up to $8 billion in loan assistance for fossil fuel projects that reduce greenhouse gas emissions.1
Footnotes
1.$4 Billion in U.S. Energy Department Loan Aid for Renewable Energy, Ayesha Rascoe, Reuters UK, http://uk.reuters.com/article/2014/04/16/us-usa-loans-renewables-idUKBREA3F0WK20140416
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