Biden administration offers $ 8.25 billion in electricity grid loans

Overhead power lines are seen during record high temperatures in Houston, Texas, United States on February 17, 2021. REUTERS / Adrees Latif

The U.S. Department of Energy said Tuesday it was offering up to $ 8.25 billion in business loans to bolster the electricity grid as part of the Biden administration’s goal of putting the country on the 100% clean energy by 2035.

The department makes funding available for projects that improve resilience and expand transmission capacity on the grid, “so that we can reliably move clean energy from where it is produced to where it is needed. no longer needed, ”Energy Secretary Jennifer Granholm said.

Funding will be available in two pools. The Department of Energy’s Loan Programs Office, or LPO, seeks applications for loan guarantees of up to $ 5 billion to support innovative transmission projects, as well as transmission projects owned by government-recognized tribal nations. federal or Alaska Native corporations.

These projects will include high voltage lines, a transmission to connect the offshore wind farm and facilities located along rail and road tracks.

Up to $ 3.25 billion will be available under the Western Area Power Administration’s transmission infrastructure program revolving loan program. The federal debt financing program is mandated by Congress to support transportation and related infrastructure projects that facilitate the provision of clean energy in the western United States.

The LPO has more than $ 40 billion in funds remaining after most of the funding went unused during the Trump administration. It has a direct loan authorization of nearly $ 18 billion to support the manufacture of high-tech, fuel-efficient vehicles and components.

The Ministry of Transport has issued guidelines to help state governments house transmission lines, build renewable energy projects, deploy broadband, and support electric vehicle charging along road rights-of-way.

The guidelines “will help states use their rights-of-way to develop clean energy, reduce costs and create well-paying jobs in their communities,” Transportation Secretary Pete Buttigieg said. “Actions today can provide a model for our private partners, like the railways, to do the same.”

Our standards: Thomson Reuters Trust Principles.


Source link

About Kristine McNally

Avatar

Check Also

Russia and NATO in the new Cold War tango at sea

At the end of June, Russia said its air force fired warning shots and dropped …

Leave a Reply

Your email address will not be published. Required fields are marked *