28 Aug '13, 12pm

US DOE Loan Program Financed $16 Billion in Renewables and More Coming

The Department of Energy's Loan Programs Office (LPO) loaned $16 billion to the renewable energy projects with 85 percent going to solar projects as part of the Recovery and Reinvestment Act. Guess how much it lost during the nation’s worst recession since the Great Depression? Less then $1 billion. Overall, the LPO has about $34 billion in funds that have supported new technologies, from Tesla Motors (which paid back its $465 million loan in May) to nuclear power to new fossil fuel technologies. The purpose of the program is to help newer technologies get financing when they can’t find it from other sources and so far it’s been pretty successful. “The way we like to say it is 90 percent of the loan loss reserve that Congress provided for us still remains intact,” explains LPO Executive Director Peter Davidson. “Our whole portfolio of closed and committed deals is $34 bill...

Full article: http://www.renewableenergyworld.com/rea/blog/post/2013/08...

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