WASHINGTON, DC. — Energy Secretary Steven Chu announced that 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. DOE plans to involve the private sector in order to accelerate the financing of these renewable energy projects. The Department plans to expedite the process through the Financial Institution Partnership Program (FIPP), whose goal is to leverage the human and financial capital of private sector financial institutions by accelerating the loan application process while balancing risk between DOE and private sector partners participating in the program.

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 Sept. 30, 2011.
According to Secretary Chu, a “renewable energy economy is a true opportunity to create new jobs, reinvigorate America’s competitiveness and support the president’s goal of doubling renewable energy in the United States,” said Secretary Chu. “American innovation can be the catalyst that jump starts a new clean energy Industrial Revolution.”

Read more information on this solicitation and the Department’s Loan Guarantee Program.