Energy Department’s Private Sector Partnership Accelerates Renewable Energy Projects
The Department of Energy (DOE) 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.
The Department of Energy (DOE) 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.
This funding will cover the cost of
loan guarantees which could support as much as $4 to 8 billion in lending to eligible projects, and the department will invite private sector participation to accelerate the financing of these renewable energy projects.
To this end, the Financial Institution Partnership Program (FIPP) was created – a streamlined set of standards designed to expedite DOE’s loan guarantee underwriting process and leverage private sector expertise and capital for the funding of eligible projects.
This first solicitation under the new program will seek loan guarantee applications for conventional renewable energy generation projects, such as wind, solar, biomass, geothermal and hydropower.
The Recovery Act created a new Section 1705 under Title XVII of the Energy Policy Act of 2005 (Title XVII) for the rapid deployment of renewable energy projects and related manufacturing facilities, electric power transmission projects and leading edge biofuels projects that commence construction before September 30, 2011.
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