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Department of Energy Announces $2 Billion Loan Guarantee Program for Projects Employing Innovative Technologies

August 23, 2006

By Peter B. Saba

In connection with the first anniversary of the Energy Policy Act of 2005 (EPAct), the Department of Energy (DOE) on August 8, 2006 issued an initial solicitation and policy guidelines for a total of $2 billion in Federal loan guarantees for innovative technology projects. To be eligible for this new loan guarantee program, which is authorized under Title XVII of EPAct, projects must (i) avoid, reduce, or sequester air pollutants or greenhouse gases, and (ii) employ new or significantly improved technologies as compared to commercial technologies that are in general use. Guarantees of principal and interest issued under the program carry the full faith and credit of the United States.