Yesterday, the U.S. Department of Energy Loan Guarantee Program announced an important solicitation, making available $4 billion in loan guarantee funding to leverage private sector investment in emerging technologies that will support the scale up of the U.S. renewable energy market. Todd Foley, ACORE’s Senior Vice President for Policy and Government Relations stated that, “Wind, solar, hydro, waste-to-energy, biomass and other renewable energy technologies have proved themselves in the marketplace and this solicitation will help further drive commercialization of complementary grid integration, storage, energy efficiency and other technologies which can support even greater renewable energy deployment. DOE made sure to listen to private industry for this solicitation and as a result we see that application fees have been significantly reduced and DOE remains open to considering other good ideas that advance lower carbon clean energy solutions.”
The DOE Loan Guarantee Program was established by Congress in 2005 with bipartisan support. Foley added, “Those on both sides of the aisle have recognized that government has an important role to play in helping fill market gaps, in this case, helping address the finance “Valley of Death” where emerging technologies proven in the lab or even in the pilot phase have trouble securing private sector financing because they haven’t yet reached commercial scale.” The DOE Loan Guarantee Program was enacted to address this market issue.
ACORE, a 501(c)(3) non-profit membership organization, is dedicated to building a secure and prosperous America with clean, renewable energy. ACORE seeks to advance renewable energy through finance, policy, technology, and market development and is concentrating its member focus in 2013 on National Defense & Security, Power Generation & Infrastructure, and Transportation. Additional information is available at www.acore.org.