Biden Administration Offers $ 8.25 Billion Power Grid Loans

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

WASHINGTON, April 27. (Reuters) – The US Department of Energy said Tuesday that it is offering companies loans of up to $ 8.25 billion to develop the power system as part of the Biden administration’s goal of putting the country on the path to 100% clean energy. by 2035

The department provides funding for projects that increase resilience and expand network capacity “so that we can reliably move clean energy from where it is produced to where it is needed most,” said Energy Secretary Jennifer Granholm.

Funding will be available in two pools. The Department of Energy’s Loan Program Office (LPO) is applying for loan guarantees of up to $ 5 billion to support innovative power transmission projects as well as transmission projects owned by federally recognized tribal nations or Alaska Native corporations.

These projects will include high-voltage lines, power lines to connect offshore winds, and facilities along rail and highways.

Up to $ 3.25 billion will be made available through the Western Region Electricity Transmission Infrastructure Development Program revolving loan program. The Federal Debt Funding Program is mandated by Congress to support transmission and related infrastructure projects that help deliver clean energy in the Western United States.

The LPO has over $ 40 billion left over after funding was largely untapped during the Trump administration. It has nearly $ 18 billion in direct lending to support the production of fuel-efficient, high-tech vehicles and components.

Department of Transport issued guidelines Help state governments deploy power lines, build renewable energy projects, roll out broadband, and maintain electric vehicle charging along the motorway right-of-way.

The leadership “will help states use their right of way to expand their use of clean energy, reduce costs and create well-paid jobs in their communities,” said Transportation Secretary Pete Buttigig. “Today’s actions can set an example for our private partners such as railways to do the same.”

Report by Timothy Gardner, edited by Franklin Paul

Our standards: Thomson Reuters Trust Principles.

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