In support of the Obama administration’s Climate Action Plan, the DOE identified five key technology areas for the loan program to support. One is advanced grid integration and storage, which essentially means technologies that better support renewable power on the electric grid. Another is drop-in biofuels, which are biofuels that can be used in existing infrastructure.
The DOE also said the program would consider supporting waste-to-energy projects, energy efficiency improvement projects, and projects that would enhance existing hydroelectric facilities.
The Loan Guarantee Program is designed to encourage private investment while minimizing risk to taxpayers. It doesn’t provide direct financing but rather brings down lending rates to help spur private investment.
The Energy Department Just Announced $4 Billion for Projects that Fight Global Warming
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