• DOE Creates Financial Institution Partnership Program in Connection with Solicitation for Renewable Energy Loan Guarantee Applications
  • October 14, 2009
  • Law Firm: Sutherland Asbill & Brennan LLP - Washington Office
  • On October 7, 2009, the Department of Energy ("DOE") announced its first solicitation (the "Solicitation") for applications under the new Section 1705 renewable energy loan guarantee program, which was created by the American Recovery and Reinvestment Act ("ARRA"; more commonly known as the "Stimulus"). The Section 1703 loan guarantee program that was created by the Energy Policy Act of 2005 continues to be available for renewable energy projects as well. Under this Solicitation, DOE is making available loan guarantees with an aggregate subsidy cost of $750 million, which is expected to support as much as $4 billion to $8 billion in guaranteed lending to eligible projects. Loan guarantees issued under this Solicitation are limited to 80% of total project cost.