The DOE Vaults Have Opened Again With New $4B Loan
The U.S. Energy Department has put forth a plan offer up to $4 billion in loans to help further stimulate the renewable energy sector.
This round of funding comes after the 2009 stimulus to back renewable projects such as wind, solar, and geothermal. The funding has since been the object of political attacks since the failure of Solyndra.
Even with the failure, the Obama administration has continually reinforced that most of the projects invested in have done well. He even goes so far as to credit the funding with the recent ability for the U.S. solar industry to produce industrial scale power plants.
What’s interesting about the new round of funding is the new investment focus. The Department of Energy states, “In support of the Administration’s all-of-the-above energy strategy, the Department of Energy issued a draft loan guarantee solicitation today for innovative renewable energy and energy efficiency projects located in the U.S. that avoid, reduce, or sequester greenhouse gases.”
The Department identified five key areas that would attract investment:
- Advanced grid integration and storage
- Drop-in biofuels
- Enhancement of existing facilities
- Efficiency improvements