Energy Dept. to Revitalize a Loan Guarantee Program
Six months after the expiration of a federal loan guarantee program that backed $16 billion in loans to solar, wind and geothermal energy projects, the Energy Department has decided to offer a smaller set of similar guarantees by tapping another pot of money appropriated by Congress last year.
The department said Thursday that it had sent letters to potentially eligible companies inviting them to apply for the new money.
Under the other program, which was passed as part of the 2009 stimulus legislation, about three dozen companies that had applied for loan guarantees were told that they would not receive guarantees because the department had been unable to finish reviewing their applications before the program expired on Sept. 30, 2011.
Now, the department is saying that the companies can reapply under a loan guarantee program established under the Energy Policy Act of 2005 that is still in force.