DOE readying to ramp up the remainder of their loan-guarantee program

posted at 1:21 pm on March 3, 2014 by Erika Johnsen

The Department of Energy’s green-energy loan-guarantee program was first authorized back in 2005 and then expanded in Obama’s 2009 stimulus law to especially support renewable-energy projects and companies with government-selected “investments,” a.k.a. political favoritism. In 2011, however, after a rather large handful of well-publicized failures like Solyndra, the DOE thought it wise to take a hiatus before they cashed out on the full extent of their allotted loan authority; in the interim, they’ve doled out a few billion here and there to a couple of nuclear projects and clean-tech for fossil fuels, but the Obama administration now feels itself ready to make a grand return to its industry-coveted renewables “investments” of yesteryear:

The Department of Energy is targeting from $1.5 billion to as much as $4 billion for a new renewable energy project loan guarantee program, one that could open the door to solicitations for a range of smaller-scale, distributed and grid-integrated projects by the end of this year.

These details on a potential second round of DOE green energy loans were provided by Peter Davidson, executive director of DOE’s Loan Programs Office…

While DOE’s 1705 program funding is gone, the Loan Programs Office still has $1.5 billion in remaining renewable energy authority under the separate 1703 program, he noted. It also has roughly $2 billion in mixed-use authority, as well as hundreds of millions of dollars in credit subsidy authority, that could add up to about $4 billion in available funds for a renewable solicitation.

None of this is set in stone, Davidson emphasized. But the Obama administration and Energy Secretary Ernest Moniz are eager to fulfill the program’s mandate to back innovative technologies and business models that reduce greenhouse gas emissions, and are viable for commercial scale, yet lack the track records to obtain purely private financing.

Yes, I have no doubt that they’re super eager to once again begin handing out special treatment, courtesy of the taxpayer, for their own political gain — i.e., bolstering their climate-change agenda with still more small-ball yet costly executive actions. Let not the fact that those projects “lack the track records to obtain purely private financing” trouble them, hem hem, nor that renewables investments across the globe have been declining in the past couple of years while several countries that dove into renewables-subsidization schemes headfirst have lately been heavily backtracking — nor that one of the last massive solar loan guarantees they issued in 2011 was for a gigantic solar farm whose specific technology might already be irrelevant. It’s whatever.


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Departments of Education and Energy need to be eliminated.

rbj on March 3, 2014 at 1:27 PM

And Tiny Tim seems pretty happy about it.

CurtZHP on March 3, 2014 at 1:28 PM

renewable energy

In the context of energy production for consumer use, it doesn’t exist.

In the context of money laundering from government to democrat cronies and donors, it exists.

Murphy9 on March 3, 2014 at 1:28 PM

Throwing more good (taxpayer) dollars after bad. Fools…

OmahaConservative on March 3, 2014 at 1:29 PM

None of this is set in stone, Davidson emphasized. But the Obama administration and Energy Secretary Ernest Moniz are eager to fulfill the program’s mandate to back innovative technologies and business models that reduce greenhouse gas emissions, and are viable for commercial scale, yet lack the track records to obtain purely private financing.

There’s a reason why these companies can’t obtain purely private financing.

Despite the continued desire of the Administration to change this, or prove Einstein’s definition of insanity incorrect, willing it to be so doesn’t make it so.

All of this is just another example of the contempt that this Administration has for the taxpayer.

Athos on March 3, 2014 at 1:31 PM

Meanwhile as with every other “green” program, the EPA’s green energy building efficiency standards – LEED – are now shown to be a complete farce.

http://dailycaller.com/2014/03/02/report-dcs-green-approved-buildings-using-more-energy/

dentarthurdent on March 3, 2014 at 1:32 PM

Gotta pay off those donors…

ConstantineXI on March 3, 2014 at 1:36 PM

The Department of Energy is targeting from $1.5 billion to as much as $4 billion for a new renewable energy project loan guarantee program, one that could open the door to solicitations for a range of smaller-scale, distributed and grid-integrated projects by the end of this year

…and the MSM will be silent…as the taxpayers get raped…and plundered by those who will kick back money…to their party!

KOOLAID2 on March 3, 2014 at 1:38 PM

Yes, I have no doubt that they’re super eager to once again begin handing out special treatment, courtesy of the taxpayer, for their own political gain — i.e., bolstering their climate-change agenda with still more small-ball yet costly executive actions.

Let us not forget that we also have a looming election.

Based on the history of how money is spent by this administration, I suspect there will be considerable gravitation toward awards issued in states/districts where Democrats need help to win this year.

s1im on March 3, 2014 at 1:38 PM

…and other idiocies, in a land of fools…

Schadenfreude on March 3, 2014 at 1:41 PM

AWESOME! More untold Billions of taxpayer dollars given out to Obama’s crony bundlers so they can then close down their “green” businesses and funnel that money right back into campaign coffers.

That sure is a nice money laundering scam you got there, Barry!

Meople on March 3, 2014 at 1:43 PM

But the Obama administration and Energy Secretary Ernest Moniz are eager to fulfill the program’s mandate to back innovative technologies and business models that reduce greenhouse gas emissions, and are viable for commercial scale, yet lack the track records to obtain purely private financing.

TRANSLATION:

Elections are coming up. We’re going to give money to companies that contribute HEAVILY to Democratic candidates.

GarandFan on March 3, 2014 at 1:47 PM

Off topic – CO

Schadenfreude on March 3, 2014 at 1:56 PM

A few billion here…few billion there…rounding errors

thunderhorse on March 3, 2014 at 1:59 PM

At this point what difference does it make…

thunderhorse on March 3, 2014 at 2:11 PM

I guess I just need to setup a green energy company so I can steal some of this money, too.

Midas on March 3, 2014 at 2:13 PM

TRANSLATION:

Elections are coming up. We’re going to give money to companies that contribute HEAVILY to Democratic candidates.

GarandFan on March 3, 2014 at 1:47 PM

Yup.

Midas on March 3, 2014 at 2:14 PM

First Stevie “Ten Dollar a Gallon Gas/We Don’t Do Energy At Energy, Just AGW” Chu, and now Ernie “Gorgan The Friendly Angel” Moniz.

The policies are still the same;

1. Pay off The Big Donors

2.????

3. Brilliant (No) Energy Future

Is there anyone at (either) DoE who isn’t a complete friggin’ idiot?

clear ether

eon

eon on March 3, 2014 at 2:18 PM

So Janet Napalitano is now the Sec. of Energy??

ToddPA on March 3, 2014 at 2:27 PM

…and other idiocies, in a land of fools…

Schadenfreude on March 3, 2014 at 1:41 PM

And that is why trucking companies are offering $5,000 bonuses for tanker drivers.

davidk on March 3, 2014 at 2:50 PM

Selling to pay pensions; what will they do after that money is gone: http://philadelphia.cbslocal.com/2014/03/03/deal-in-place-to-sell-philadelphia-gas-works-for-1-86b/

davidk on March 3, 2014 at 2:58 PM

The DOE is also Offering Loan Guarantees to:

ADVANCED PASSIVE NUCLEAR POWER PLANTS

….in Georgia, South Carolina and soon – Florida.

THAT is a GOOD thing…………..

…..because the AP1000 ACTUALLY WORKS!!

…..so – three cheers for Tiny Tim in that regard…

williamg on March 3, 2014 at 3:48 PM

williamg on March 3, 2014 at 3:48 PM

What are teh odds that these plants will actually be built?

Murphy9 on March 3, 2014 at 3:53 PM

Someone should ask Joe Biden how many cops and teachers could be hired with the money we are pissing away on “green energy”.

BuzzCrutcher on March 3, 2014 at 4:59 PM