North American Power & Renewables: The DoE loan programme
17 12 2010
The US Department of Energys Loan Programs Office (LPO) grew rapidly this year and is now one of the largest and, most successful, clean energy project finance teams in the world. When the Obama administration took office, the DOE loan program had not issued a single loan guarantee since its inception in 2005. Since then, the office has invested in 21 projects, 14 of which were supported in the last year alone. The office has committed or closed nearly $25 billion in loans and loan guarantees, representing more than $40 billion in total project costs. There are also a large number of additional transactions in active negotiation.
The results speak for themselves. The projects supported to date will put more than 57,000 Americans to work across 19 states and will avoid nearly 40 million tons of US carbon dioxide emissions per year the same as taking 25 conventional coal plants offline. The loan programmes have become an essential tool in moving the US towards a clean energy economy.
The Loan Programs Office worked hard this year to improve our processes. During 2010, we more than doubled our number of professionals. We simplified core programmatic documents like solicitations and term sheets, launched a new web site (http://lpo.energy.gov), and opened an online application submission portal. In addition, LPO simplified the procurement process, reconfigured our data tracking efforts, and completely overhauled the speed, frequency, and transparency with which we communicate with applicants.
By better leveraging our resources and re-engineering the application process,...
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