US: $4B in Loan Aid for Renewable Energy

Posted by Greg Trauthwein
Wednesday, April 16, 2014
Are increased use of offshore wind farms in the future for the U.S.?

The U.S. Energy Department on Wednesday unveiled a plan for up to $4 billion in loan aid for renewable energy companies to help rejuvenate a program that faced harsh political attacks over past failures of federally subsidized projects.

The Obama administration's draft plan would provide loan guarantees for innovative projects that limit or avoid greenhouse gas emissions.

It will specifically focus on advanced electric grid technology and storage, biofuels for conventional vehicles, energy from waste products and energy efficiency.

"We're back in business," Peter Davidson, executive director of the department's loan programs office, told Reuters. "We really want to go back to ... doing very valuable work for our economy going forward."

Davidson said he hoped to have the loan offering finalized by June, with financing awarded possibly by the end of the year or early 2015.

Although the program was never officially closed, Davidson said it entered a "quiet period" after the expiration of funding from the 2009 economic stimulus that backed solar, wind and geothermal projects, including now-bankrupt solar panel manufacturer Solyndra.

But with billions of dollars in loan authority still available, the agency has resumed its push to support innovative technology.

Earlier this month, the DOE announced it had revamped the review process for its automotive loan program in hopes of attracting new applicants.

The move followed an offering last year of up to $8 billion in loan assistance for fossil fuel projects that reduce greenhouse gas emissions.

MOVED UP: Opponents have argued the federal government should not be investing in private companies.

Following the high profile collapse of Solyndra, which was awarded a $535 million loan guarantee, the program faced criticism from Republicans that it had favored political allies of Obama, and backed bad bets.

The Obama administration denied these accusations, saying it awarded loans based on the merits of the projects.

Davidson said that only about 3 percent of the department's loan portfolio had suffered losses, far below the amount that Congress budgeted for when it created the program.

The department credits the program with helping to jumpstart private investment in industrial scale U.S. solar power plants and hopes to replicate that success with new renewable energy technologies that are on the cusp of financial viability.

"That's our mission. We go in and demonstrate to the commercial markets that a new technology works," Davidson said. "Then we get out and the commercial market comes in."

With a larger, more experienced staff, as well as a more automated application system and more streamlined screening process, Davidson said he believes the reviews will go more smoothly than before, when they were criticized for being inefficient. CUT A GRAPH AND COMBINED

And in the wake of the Solyndra scandal, the department also made changes to its due diligence practices and loan oversight.

(By Ayesha Rascoe, Reporting by Ayesha Rascoe, editing by Ros Krasny; Editing by Lisa Shumaker and Alden Bentley)
 

Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

Maersk's Blend-on-Board Project to Market Soon

The Danish shipping giant Maersk has decided to commercialise its new tech invention -  SEA-Mate Blend-on-Board - developed by the subsidiary Maersk Fluid Technologies (MFT), says Denmark's post.

SSI to Showcase Marine Information Model

SSI's CAD/CAM ShipConstructor software utilizes a Marine Information Model (MIM) to store a wealth of data that can be leveraged for maintenance, repair and lifecycle support.

ZF Turns 100

ZF Friedrichshafen AG is celebrating its centennial in 2015. Founded in the city of Friedrichshafen at Lake Constance in 1915 as “Zahnradfabrik GmbH,” the company

Offshore

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Environmental

The Hour of Power

Hybrid Marine Technology and Green Ports In 2015 two significant developments are going to make many operators, owners and builders of professional vessels consider hybrid marine power.

Hurricane Fred Strengthens in Eastern Atlantic

Hurricane Fred strengthened early Monday in the eastern Atlantic as it approached the Cape Verde Islands, while the remnants of Tropical Storm Erika brought flooding to parts of South Carolina,

TOTE’s 2nd LNG Containership Launched

Shipping company TOTE and shipbuilder NASSCO on Saturday launched Perla del Caribe, the second of two Marlin Class ships – the first containerships in the world to be powered by natural gas.

Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

ME Production Receives Two Scrubber Orders

ME Production subsidiary Marine Exhaust Technology has been awarded a new contract for the DFDS vessel Finlandia sailing on the route Rosyth-Zeebrugge. The scrubber contract includes design,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Offshore Energy

Harkand: Expanding the Fleet, Growing a Global Business

International inspection, repair and maintenance (IRM) company Harkand aims to be a $1 billion company. MR’s Tom Mulligan recently met with John Reed, the company’s CEO,

HHI Orders Regasification Systems from Wärtsilä

South Korean shipyard Hyundai Heavy Industries (HHI) has ordered two seawater/propane based regasification modules from Wärtsilä. The systems are to be installed

Hitachi Gas Supply System Order for MHI

Mitsubishi Heavy Industries, Ltd. (MHI) has received an order from Hitachi Zosen Corporation for a high-pressure gas supply system enabling use of natural gas as fuel in marine engines.

Ocean Observation

Seychelles to Join India-led Maritime Security Alliance

Seychelles  said that Indian ocean region "belongs" to countries sharing maritime boundaries and said it was "actively" considering participating in a security

Hurricane Fred Strengthens in Eastern Atlantic

Hurricane Fred strengthened early Monday in the eastern Atlantic as it approached the Cape Verde Islands, while the remnants of Tropical Storm Erika brought flooding to parts of South Carolina,

Eni Finds Giant Egyptian Offshore Gas Field

The Italian energy major Eni SpA discovered a “super giant” natural gas field offshore Egypt in what the Italian oil company said is the largest find in the Mediterranean Sea.

 
 
Maritime Contracts Maritime Standards Naval Architecture Offshore Oil Pipelines Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.5078 sec (2 req/sec)