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DOE Loan Programs Office
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IN THIS ISSUE:
...and more updates below from the U.S. DOE Loan Programs Office!
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Since celebrating the second anniversary of the Inflation Reduction Act (IRA) in August, LPO has continued translating the Biden-Harris administration’s landmark legislation into real impact through conditional commitment announcements and loan closings. Read on for how LPO and DOE more broadly are supporting a full suite of clean energy solutions that can help meet the growing demands on our grid.
Portfolio Projects
In this last quarter, we made a host of project announcements that support clean generation while continuing to bolster American manufacturing and clean energy infrastructure:
- In August, we announced a conditional commitment to Qcells to build what would be the first fully-integrated, silicon-based solar manufacturing facility constructed in the United States in over a decade. Qcells is addressing gaps in the domestic solar manufacturing supply chain while building on the manufacturing expertise in Georgia to create 1,950 full-time operations jobs.
- In September, LPO announced a conditional commitment to Wabash Valley Resources to build a commercial-scale, waste-to-ammonia production facility with carbon capture and sequestration technology. By cleanly repurposing a coal gasifier and producing 500,000 metric tons of anhydrous ammonia annually for locally-used fertilizers, the project will be a double win for surrounding communities.
- Last month we also announced our first-ever Energy Infrastructure Reinvestment (EIR) project financial close to support the Holtec Palisades project, a first-of-its-kind nuclear plant restoration and repowering that signals a renewed interest in nuclear energy in the United States.
- In October, we announced a conditional commitment to EVgo to expand public EV fast charging with approximately 7,500 charging ports at roughly 1,100 charging stations all across the United States. If finalized, EVgo will be especially impactful for those who do not have personal access to charging at home while providing more options for quick recharges at already familiar locations like retail centers and grocery store chains.
- And just this week, we announced our second EIR project to reach financial close—the utility-scale solar and battery storage Marahu project, which will improve the grid’s resilience and help reduce energy costs in Puerto Rico.
Liftoff Activities
As we gear up for a new round of Liftoff Reports in the coming months, we’ve been leaning into the Liftoff brand as a tool for ongoing dialogue with the private sector.
- As part of DOE’s August resource rollout for understanding and responding to the challenge of rising electricity demand from manufacturing, AI, and electrification, the Liftoff Team released its first topic brief on clean energy as a solution. The brief takes a look at how grid-ready technologies can be used to meet an expected ~15-20% growth in the next decade while anticipating a further future where demand doubles and other technologies have matured. I encourage you to give the short brief a read or watch the September webinar for a summary.
- The Liftoff reports have always been billed as a collection of “living” documents. In October, we saw the first of what that looks like with an update to the Advanced Nuclear Liftoff Report. The update provides timely insights, including around the renewed interest in large reactor designs as well as nuclear’s role as a clean, firm complement to renewables. You can learn more in the newsletter below, in the updated report, or through the October webinar recording.
Latest Application Activity
Since my last quarterly update in July, LPO has seen a nearly 7% growth in the total amount of financing requested by active applications, according to the most recent Monthly Application Activity Report. As of September 30, 2024, LPO has 211 active applications requesting more than $305.3 billion in financing for proposed projects across almost every state, DC, and Puerto Rico. And as EIR project announcements continue to drive further interest in the program, it’s not unreasonable to expect that the average dollar amount requested per application could increase, further building on the total financing requested amount.
That's it for my final quarterly update of 2024! As always, I wish you sustained success moving the clean energy transition forward in your community, no matter where you live.
Warmly,
 LPO Director Jigar Shah
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On September 30, the U.S. Department of Energy through LPO announced the closing of a loan guarantee of up to $1.52 billion under the Inflation Reduction Act’s Energy Infrastructure Reinvestment (EIR) program to Holtec Palisades to help finance the restoration and resumption of service of an 800-MW nuclear generating station in Covert Township, Michigan.
The Palisades nuclear plant, which ceased operations in May 2022, will be brought back online and upgraded to produce clean baseload power until at least 2051, subject to U.S. Nuclear Regulatory Commission licensing approvals. Once complete, this project will be the first recommissioning of a retired nuclear power plant in U.S. history, generating carbon-free energy and saving and expanding a union workforce in Michigan while helping to strengthen America’s nuclear energy sector and advance core climate and domestic energy goals.
Read the full DOE press release on this financial close and see LPO's Holtec Palisades project page for more details.
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On October 3, LPO announced a conditional commitment for a loan guarantee of up to $1.05 billion to expand public EV charging infrastructure. EVgo would deploy roughly 7,500 charging ports across the country. The chargers would be compatible with all new EVs capable of fast charging, including those that use NACS and CCS connectors.
LPO’s conditional commitment to EVgo is part of the Biden-Harris administration’s broader efforts to make EV charging more accessible to residents across the country. President Biden set a goal to build a network of 500,000 publicly available EV chargers by 2030 to support the adoption of EVs and the development of a U.S. supply chain, creating good-paying jobs in manufacturing, installation, operations, and maintenance in all pockets of the country. The United States is on track to achieve this goal years early, having recently doubled the number of publicly available EV chargers since the beginning of this administration, with over 196,000 publicly available chargers operational.
Read the full EVgo conditional commitment announcement for more details.
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On October 15, LPO announced the closing of a loan guarantee of up to $861.3 million to finance the construction of two solar photovoltaic (PV) farms equipped with battery storage and two standalone battery energy storage systems in Guayama (Jobos) and Salinas, Puerto Rico. Annually, the solar PV installations will produce approximately 460,000 MWh of energy, enough to power approximately 43,000 homes, and enhance Puerto Rico’s grid reliability and energy security. The co-location of the new solar and battery resources will help maximize the project’s energy production and improve grid stability.
Puerto Rican residents pay energy costs significantly higher than the U.S. average. According to the Climate and Economic Justice Screening Tool, the Commonwealth of Puerto Rico, including the communities surrounding the Salinas and Jobos projects, faces some of the greatest energy burdens in the United States. Battery storage will allow the project to continue to provide energy to residents even during adverse weather conditions.
Read the full DOE press release on this financial close and see LPO's Marahu project page for more details.
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In conjunction with the financial close of the Holtec Palisades project closing DOE released an update to its Pathways to Nuclear Energy Report, originally published in March 2023. The update brings fresh recommendations based on new projections and the United States’ pledge to help triple nuclear energy capacity globally by 2050. A highlight of key takeaways, including opportunities at existing sites, lessons learned from Vogtle 3 and 4, and the value of a consortium model for constructing new plants, can be found in the Office of Nuclear Energy’s accompanying blog, 5 Ways the U.S. Nuclear Energy Industry Is Evolving in 2024. To download the full report and watch the webinar, be sure to explore the Advanced Nuclear Liftoff Report page.
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In this LPO Sector Spotlight, Director Jigar Shah looks at how LPO can accelerate deployment of a variety of innovative technologies to modernize the electric grid. He looks at how we can improve system utilization with advanced grid solutions, support the deployment of low-cost clean generation with long-duration energy storage, and enhance reliability and resilience with microgrids. The spotlight also summarizes how deploying these solutions could increase the capacity of the existing grid cost-effectively to support upwards of 20—100 GW of incremental peak demand.
Read the full Sector Spotlight on Grid Solutions for more insights.
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The Energy Act of 2020 and the Inflation Reduction Act (IRA) of 2022 directed LPO to engage in outreach activities through conferences and online programs to disseminate information about its programs. Below is an overview of recent and major upcoming events.
Recent Events
Climate Week New York 2024 • 23-27 Sep 2024 • New York, NY
LPO Director Jigar Shah, Chief Investment Officer Chris Creed, and other LPO team members joined other DOE and industry leaders in New York City for various events during Climate Week New York. Jigar joined Canary Media and the Pew Charitable Trusts at Climate Night Live, where he discussed transmission, nuclear, and infrastructure reinvestment opportunities. Other team members spoke on topics ranging from investing alongside LPO and the promise of the IRA. Watch a recording of the event here.
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National Clean Energy Week 2024 • 23-27 Sep 2024 • Washington, DC
LPO Director Jigar Shah and Outreach and Business Development Director Phil Kangas both addressed participants in National Clean Energy Week in Washington, DC. Phil spoke on a panel during the Policymakers Symposium about American innovation and driving down emissions. Jigar offered remarks onshoring and reshoring energy manufacturing and supply chains in this country and building a clean, abundant, and secure energy system that also leads to economic prosperity.
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Major Upcoming Events
ABLC Next • 23–25 Oct 2024 • San Francisco, CA
NCAI 81st Annual Convention & Marketplace • 27 Oct–1 Nov 2024 • Las Vegas, NV
NARUC Annual Meeting and Education Conference • 10–13 Nov 2024 • Anaheim, CA
Benchmark Week • 12–14 Nov 2024 • Marina Del Rey, CA
AFCC Global Biobased Economy Conference & Exhibit • 20–22 Nov 2024 • Washington, DC
Demonstrate Deploy Decarbonize 2024 (#Deploy24) • 4-5 Dec 2024 • Washington, DC
The time has arrived! REGISTRATION IS NOW OPEN for #Deploy24! Don't delay—discounted early adopter registration ends October 31! Go to DeployTogether.com for more details, register today, and let's #DeployTogether this December!
View the full upcoming events calendar on the LPO Events page!
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Subscribe to LPO's monthly email newsletter to stay up to date with the latest from the U.S. Department of Energy Loan Programs Office, including announcements about our financing programs, news about our portfolio projects, and ways to engage with our team about your project!
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