The US Energy Department on Wednesday (April, 16) unveiled a plan designed to help commercialize clean energy technologies unable to obtain full commercial financing with up to $4 billion in loan aid.
The government agency issued a draft loan guarantee solicitation for “innovative renewable energy and energy efficiency projects located in the U.S. that avoid, reduce, or sequester greenhouse gases”, the official statement said. The plan is intended to support technologies that are “catalytic, replicable, and market ready”, and it will specifically focus on advanced electric grid technology and storage, biofuels for conventional vehicles, energy from waste products, enhancement of existing facilities, and energy efficiency improvements.
The loan offering is expected to be finalized by June, officials told Reuters.
Federal subsidies for renewables and low-carbon technologies have come under fire in US after the collapse of Solyndra, a solar panel manufacturer that received a $535 million U.S. Energy Department loan guarantee before going bankrupt in 2011.