U.S. Department of Energy - Energy Efficiency and Renewable Energy
EERE Financial Opportunities
DOE Budget Includes Loan Guarantees for Biofuels and Renewables
February 7, 2007
President Bush's proposed budget for fiscal year (FY) 2008 would allow
DOE to guarantee up to $9 billion in loans for innovative energy
technologies, including $4 billion in loans for projects that promote
biofuels and clean transportation fuels and $1 billion in loans for
projects using new technologies for electric transmission facilities
or renewable power generation systems. See PDF pages 27 and 28 of
DOE's section of the Appendix to the White House budget plan
(PDF 329 KB).
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The Innovative Technology Loan Guarantee Program was established by
Title XVII of the Energy Policy Act of 2005, and DOE issued its first
solicitation for pre-applications in August 2006, with the aim of
guaranteeing a total of $2 billion in loans. However, a lack of
funding has held up the program, as Congress has yet to finalize
appropriations for the current fiscal year. If Congress appropriates
the funds for the current $2 billion in loan guarantees, they will be
subtracted from the $9 billion in loan guarantees proposed for
FY 2008. See the DOE Loan Guarantee Program Web site.