CERAWEEK US Energy Secretary Prepares $ 40 Billion Loans to Boost Clean Energy

Band Timothy Gardner

WASHINGTON, March 3 (Reuters)U.S. Energy Secretary Jennifer Granholm said on Wednesday she was prepared to use $ 40 billion in her ministry’s loan program office, which has been mostly unused over the past four years to accelerate the transition to clean energy.

“I am ready to restart these engines so that we can drive the next generation of innovation and deployment,” Granholm said at the CERAWeek conference being held virtually. She did not give details on when the loans would be offered.

Granholm said Jigar Shah, a clean energy finance expert, will head the department’s lending programs office. Shah was most recently co-founder and chairman of Generate Capital, where he helped entrepreneurs accelerate decarbonization. He also funded SunEdison, a solar energy finance company.

“It will help us build a portfolio of indomitable investments for American taxpayers, which will help us fight climate change and create jobs,” said Granholm, who was confirmed by the Senate last week, with the support of several Republicans for the production of fossil fuels. States. {nL1N2KV2GM}

“We are ready to invest in advanced vehicles, carbon capture, advanced reactors and much more,” said Granholm, a former governor of Michigan, who secured federal funding to allow state companies to manufacture electric cars and batteries. She will likely play an important role in President Joe Biden’s efforts to put the country on the path to fully decarbonizing the economy by 2050.

The Department of Energy’s loan office was founded with stimulus funding in 2009 under the Obama administration. He loaned money and was paid back by successful businesses including Tesla Inc TSLA.O, but has been criticized by some Republicans for supporting Solyndra, a bankrupt solar company.

granholm also said the department had created an energy jobs office to create jobs for communities “left behind for too long,” including “communities of color living with the toxic legacy of air pollution.”

(Report by Timothy Gardner edited by Marguerita Choy)

(([email protected]; +1 202 898-8360 (Twitter @timogard); Reuters messaging: [email protected]))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


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