Biden has a massive pile of loan money for his energy revolution — and can’t spend it all before November

Biden has a massive pile of loan money for his energy revolution — and can’t spend it all before November

For DOE’s Loan Programs Office, the roughly $25.8 billion in conditional and final loans and loan guarantees it has announced during Biden’s presidency represents a huge burst of activity after the program went largely fallow in the Trump era.The office said it had received 203 active applications, seeking a total of $262.2 billion.

“We don’t want to leave anything on the table. But I understand that you’ve got to do it right,” Energy Secretary Jennifer Granholm told POLITICO.President Joe Biden signs the Inflation Reduction Act in the White House in August 2022. The Energy Department’s Loan Programs Office was reinvigorated with new money through statutes such as the IRA. | Mandel Ngan/AFP via Getty ImagesThe Energy Department’s loan office was created under President George W. Bush.

“People are frustrated with the pace,” William Pizer, the incoming president of the energy-focused nonpartisan group Resources for the Future, said during an interview last month at an industry conference in Houston. On the other hand, he said, clean energy supporters would “also be frustrated if all the money went out the door and it didn’t do anything.

“I think there’s sort of a lag. You can’t go from standstill to sprint just immediately,” said Brendan Bell, who was director of strategic initiatives at the loan office under Obama. “The projects take time. The borrower takes time. All the work that we want the agency to do in terms of doing its diligence underwriting these loans, that’s what takes time.”

Sunnova received a $3 billion partial loan guarantee to offer solar power and battery storage to disadvantaged communities. | Business Wirealleged a potential conflict of interest between Shah and Sunnova “These infrastructure developers need to know that three to four years from now, when they’re ready to accept a loan, that the Loan Programs Office will be in business,” he said.

“There’s a real witch hunt in effect that has been announced by the Republicans to organizations or companies that want to apply,” the aide said. The message to potential applicants, the person said, is: “You will not only undergo a traditional rigorous financial diligence, but you will undergo this political diligence, which may be very unfair.

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