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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Technology

MSC Invests in TRAXENS Container Monitoring

MSC Mediterranean Shipping Company has reached an agreement to back French start-up TRAXENS, a developer of cargo logistics solutions and creator of a container monitoring and coordination system.

B&G Software Upgrade for Zeus2 and Vulcan Chartplotter

B&G, the world’s leading sailing navigation and instrument specialist has upgraded its latest software for the full range of Zeus2 and Vulcan chartplotters. The

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Offshore

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Migrants Survivors Tell of Struggle at Sea

The bodies of 21 women and one man were brought ashore to Sicily on Friday as fellow migrants described scenes of panic and violence when water poured into their dinghy.

Three Keppel Dredgers for Jan De Nul

Keppel Offshore & Marine Ltd (Keppel O&M)'s wholly owned subsidiary Keppel Singmarine Pte Ltd (Keppel Singmarine) has secured contracts from Jan De Nul Group to

Environmental

Two DNV GL Approvals for GTT Training Software

GTT Training, a GTT subsidiary dedicated to training liquefied natural gas (LNG) professionals and to the development of associated simulation tools, has obtained

How to Avoid Claims for Self-cooking Cargo

North P&I Club has advised its members to be extra vigilant during loading and transport of soya beans to ensure they do not get blamed for cargoes that start ‘cooking’ at sea.

China sets up South China Sea environment protection fund

China has set up a 15 million yuan ($2.25 million) environmental protection fund for the South China Sea having already spent double that in the past four years,

Energy

Los Angeles Pushes for Valero Terminal Improvements

The Port of Los Angeles has released an Initial Study/Notice of Preparation (IS/NOP) — the first step in the Environmental Impact Report (EIR) process — for a Marine

Canada Seek to contain Oil Spill

Authorities are building a new containment boom to fight an oil spill in a major western Canadian river, officials said on Saturday, after the spill breached a

Ecuador Pays $112 mln Award to Chevron

Ecuador has paid $112 million to energy company Chevron Corp over a four-decade-old contract dispute, even though it remains in disagreement, the head of the central bank has said.

Offshore Energy

Eni Cancels Vessel Deal with Viking Supply Ships

Viking Supply Ships A/S (VSS) has received an early termination notice of the contract for the Ice-class 1A AHTS “Njord Viking”. The vessel has been working for

MOL Signs Long-Term Charter with Uruguayan JV for FSRU

Japanese shipping company Mitsui O.S.K. Lines, has, through its wholly-owned subsidiary Lakler S.A., agreed to conclude a charter contract with Gas Sayago, for

Ithaca’s FPF-1 platform to be moved to Stella field

Ithaca Energy Inc. reports that the "FPF-1" floating production facility has completed the required inclination test as planned and departed the Remontowa shipyard in Gdansk, Poland.

Ocean Observation

Canada Embarks on Arctic Survey Mission

Canada has launched its 2016 Arctic expedition to collect important scientific information to support the nation’s submission on the extended continental shelf in the Arctic Ocean.

China’s One Belt, One Road: Will it Reshape Global Trade?

The future of trade in Asia could depend heavily on what becomes of China’s expansive One Belt, One Road initiative, which calls for massive investment in and

Pathogenic bacteria hitchhiking to North and Baltic Seas?

For the first time, AWI scientists have found evidence of living, potentially pathogenic vibrions on microplastic particles. With increasing water temperatures

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Pipelines Salvage Ship Electronics Ship Repair Sonar 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: 0.2930 sec (3 req/sec)