The Biden administration's Green Lending Agency has loaned nearly $23 billion to utilities for green energy development and other projects during the final years of the administration.
Department of Energy (DOE) Loan Program Office (LPO) announced Provided a total of $22.9 billion in loans to dozens of utilities across the country to “modernize” their power grid systems, including by adding new green energy generation and building the necessary transmission lines to take advantage of renewable generation. This is a conditional promise to do so. LPO continues to make lame-duck loans through the end of the Biden administration, despite calls from Republicans and internal Energy Department watchdogs to freeze LPO activity over concerns about the department's safeguards regarding conflicts of interest. (Related: Department of Energy to revive scandalous Obama-era loan program)
Steel giant may have to bail on $500 million in green subsidies from Biden-Harris administration, CEO sayshttps://t.co/YowT3kTfI2
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LPO is in Michigan DTE Electric and DTE gas $9 billion to develop more green energy generation and replace gas lines. Alliant Energy and its subsidiaries are being offered $3 billion to integrate more wind power and batteries into the power grid. Other companies for which LPO has expanded financing packages include: pacifi corp — wants to use that money to build 700 miles of new power lines — and New Jersey. Jersey Central Power and Light.
“On January 16, 2025, LPO announced that through the Title 17 Energy Infrastructure Reinvestment (EIR) program, eight projects consisting of $22.92 billion will be made to electric utilities serving more than 14.78 million customers in 12 states. announced conditional commitments,” the LPO said of the proposal announced on Thursday. “Projects supported by today’s announcement include investments in electricity transmission, clean generation, energy storage, grid modernization, and gas pipelines. Utilities will have lower financing costs for eligible infrastructure projects than they would have if they used the commercial capital markets, and they will be able to pass those savings on to their customers.”
President-elect Donald Trump has actively campaigned against taxpayer subsidies for green energy development. The loan offer announced Thursday likely won't be finalized before President Trump takes office, but the conditional commitment is for recipients to meet established criteria to unlock funding. It may be difficult for President Trump to withdraw the proposal since it is binding for as long as possible. According to In the New York Times.
LPOs are busy finalizing and disbursing loans ahead of Thursday's rollout. $1.36 billion package energy source minerals $1.45 billion in financing Hanwha Q CELLS helps build Georgia factory; upon taking office in 2021, the Biden administration will breathe new life into LPOs, which were relatively quiet during President Trump's first term, with hundreds of billions of dollars to use to get them back on their feet. has been significantly invested. Strong domestic green energy sector.
The DOE did not immediately respond to a request for comment.
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