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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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The U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) has announced a conditional commitment for an up to $398.6 million loan guarantee for the construction of up to four state-of-the-art production lines to produce the “Eos Z3™", a next-generation utility- and industrial-scale zinc-bromine battery energy storage systems (BESS) in Turtle Creek, Pennsylvania.
If finalized, the project is expected to manufacture over 8 GWh of storage capacity annually by 2026; enough to provide electricity to over 300,000 average U.S. homes instantaneously or to meet the annual electricity needs of approximately 130,000 homes if fully charged and discharged every day. The project is expected to create up to 50 union contractor construction jobs and as many as 650 new operations jobs when at full operational capacity.
As with all conditional commitments that LPO offers, it's important to note that the expected DOE loan will only be issued pending the satisfaction of certain conditions, including final legal, contractual, technical, and financial requirements that the conditional commitment specifies.
Read the full Eos conditional commitment announcement for more details.
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DOE recently announced the release of the Pathways to Commercial Liftoff for Virtual Power Plants (VPPs), underscoring the critical role that VPPs need to play in the nation’s affordable, reliable, and clean energy future.
In conjunction with that announcement, LPO released a new Tech Talk focusing on the virtual power plant (VPP) supply chain. Michael Reed, LPO’s Director of the Technical and Project Mangement Division, states: “VPPs are at an inflection point due to market and technical factors, including increased adoption of distributed energy resources, improvements in device software and VPP platforms, and advancements in grid integration software. VPPs will be a key near-term solution to existing energy challenges, including rising costs, interconnection backlogs, peak demand increases, and distribution system congestion.”
Learn more about the VPP Liftoff Report in LPO’s announcement blog, and read the full Tech Talk on VPPs to see how LPO can finance innovative projects across the VPP supply chain.
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All projects receiving LPO loans and loan guarantees are subject to a National Environmental Policy Act (NEPA) review, which involves a full analysis of a project’s potential environmental and socioeconomic impacts and is a required step in LPO’s comprehensive due diligence process. If considering LPO financing, LPO recommends potential applicants contact the office before initiating construction or site development activities.
Once an application has been formally submitted, LPO continues working with borrowers as committed partners in the long-term success of their projects, engaging early in a project’s development and providing valuable financial, technical, legal, and environmental compliance expertise for the lifetime of their loan or loan guarantee.
Read the full blog to learn more about how LPO’s Environmental Compliance Division team works with applicants to complete the NEPA review and associated regulatory agency consultations for proposed projects and coordinates internally with the LPO deal team.
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The Capacity Building for Repurposing Energy Assets initiative from DOE’s Office of Fossil Energy and Carbon Management (FECM) is geared to assist local communities, where a significant portion of their local economy has historically been supported by energy assets, to build technical capacity and develop a workforce necessary to help revitalize energy systems, address environmental impacts, and tackle challenges associated with energy assets that have been retired or are slated for retirement between 2009 and 2032.
LPO's Energy Infrastructure Reinvestment (EIR; 1706) project category supports the energy transformation in energy communities by allowing LPO to finance large energy projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or greenhouse gas emissions.
Read the full blog to learn more about this initiative.
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Recent Events
 As a part of its efforts to engage with the clean energy industry, members of the LPO team travelled to RE+ 2023 to connect in-person with industry participants in many of the sectors that have been engaging with LPO—particularly virtual power plants (VPPs) and the solar supply chain. RE+ was also the ideal venue to launch the Pathways to Commercial Liftoff Report for VPPs. LPO Senior Advisor (contractor) Jen Downing participated in a “Quick Talk” about the report with LPO Director Jigar Shah to a capacity crowd.
 Climate Week NYC is the largest annual climate event of its kind, bringing together some 400 events and activities across the City of New York. LPO staff—including the Chief Investment Officer, Chief Climate Officer, and Chief Strategist—participated in about two dozen events throughout the week to engage with key stakeholders in the capital markets to discuss the role of the private sector and public sector working together to advance the clean energy economy.
 Featured Upcoming Event
LPO is co-hosting Demonstrate Deploy Decarbonize 2023—also known as #Deploy23—with the Cleantech Leaders Climate Forum in Washington, DC from September 26-27. Deploy23 is about catalyzing deployment and investment to scale up the next generation of infrastructure to achieve net zero – while creating good jobs, strengthening domestic supply chains, and ensuring benefits are equitably shared. For more information, please visit the Demonstrate Deploy Decarbonize website.
Other Major Upcoming Events
Offshore Wind Port & Vessel Summit • Sep 21-23 • New Orleans, LA
Texas Tribune Festival • Sep 22 • Austin, TX
Demonstrate Deploy Decarbonize 2023 (#Deploy23) • Sep 26-27 • Washington, DC
Hydrogen Americas Summit • Oct 2-3 • Washington, DC
Clean Energy Investment Summit • Oct 2-3 • Houston, TX
Sustainable Aviation Futures North America • Oct 2-4 • Atlanta, GA
PV Celltech USA • Oct 3-4 • San Francisco, CA
Reuters Hydrogen North America • Oct 11-12 • Houston, TX
GridFwd • Oct 16-18 • Stevenson, WA
GridTECH Connect Forum – Northeast • Oct 23-25 • Newport, RI
Fuze: The Future of Energy • Oct 30-31 • Houston, TX
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