According to their website, the US Department of Energy’s (DOE) Loan Guarantee Program paves the way for federal support of clean energy projects that use innovative technologies, and spurs further investment in these advanced technologies. A principal purpose of the Loan Guarantee Program is to encourage early commercial use in the United States of new or significantly improved technologies in energy projects. DOE believes that accelerated commercial use of new or improved technologies will help to create jobs and sustain economic growth, yield environmental benefits, and produce a more stable and secure energy supply.
To date, DOE has conditionally offered or closed 12 loans or loan guarantees. According to estimates from the companies, these projects will collectively create or save about 50,000 jobs. They will also lead to the capacity to produce more than 3 GW of clean power each year and will avoid more than 30 million tons of CO2 per year. Vehicle projects (under the Advanced Technology Vehicles Manufacturing Loan Program) will also save—up to 270 million gallons of gasoline each year.
For a list of the 12 projects announced as of press time, visit http://www.energy.gov/news/8719.htm.
Department of Energy (DOE)