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North American Power & Renewables: The DoE loan programme
17 December 2010
The US Department of Energy’s Loan Programs Office followed on from 2009’s first financing, with several new firsts in 2010. By Jonathan Silver, the office’s executive director
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The US Department of Energy’s Loan Programs Office (LPO) grew rapidly this year and is now one of the largest and, most successful, clean energy project finance teams in the world. When the Obama administration took office, the DOE loan program had not issued a single loan guarantee since its inception in 2005. Since then, the office has invested in 21 projects, 14 of which were supported in the last year alone. The office has committed or closed nearly $25 billion in loans and loan guarantees, representing more than $40 billion in total project costs. There are also a large number of additional transactions in active negotiation.
The results speak for themselves. The projects supported to date will put more than 57,000 Americans to work across 19 states and will avoid nearly 40 million tons of US carbon dioxide emissions per year – the same as taking 25 conventional coal...
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