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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 to Plug Power Inc.’s (Plug) subsidiary, Plug Power Energy Loan Borrower, LLC, for an up to $1.66 billion loan guarantee to help finance the construction of up to six facilities across several states to produce clean hydrogen utilizing the company’s own electrolyzer technology. Advancing clean hydrogen is a key component of the Biden-Harris Administration’s whole-of-government approach to building a robust clean energy economy that creates healthier communities, strengthens energy security, and delivers new economic opportunities across the nation.
This loan guarantee, if finalized, will support an estimated 100-300 jobs during the construction period when at full capacity, and at least 50 new full-time jobs for each location. Plug is also expected to develop and ultimately implement a strong Community Benefits Plan for each project and has committed to working with local communities for project siting, including soliciting input from local economic development corporations.
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 Plug Power conditional commitment announcement for more details.
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LPO recently announced its first conditional commitment under the Tribal Energy Financing Program (TEFP) for a loan guarantee of up to $72.8 million for the development of a solar-plus-long-duration energy storage microgrid on the Tribal lands of the Viejas Band of the Kumeyaay Indians near Alpine, California. The project developer, Indian Energy, is a 100% Native American owned energy development firm. The borrower, IE VEM Managing Member LLC, is a Tribal energy development organization (TEDO) owned by Indian Energy.
To encourage the development of more projects like the Viejas Microgrid, LPO has created a specialized outreach initiative for Tribes to leverage TEFP financing for solar-plus-storage and microgrid projects. For Tribes interested in pursuing solar-plus-storage and/or microgrid projects, LPO sees five primary use cases: (1) promoting Tribal energy sovereignty through clean energy generation, (2) balancing high energy demands with clean solutions, (3) creating resiliency, (4) yielding cost savings, and (5) implementing proven technology.
Read the full blog to learn more about these use cases, TEFP financing and LPO’s application process, and to submit a pre-application consultation request.
In addition, on Tuesday, June 4, 2024 at 1pm EDT, the Native American Finance Officers Association (NAFOA) will host a webinar with members of LPO's Tribal Energy Finance Program team about how solar-plus-storage and microgrid projects can address the needs of Tribes' high-load facilities, how LPO can work with Tribes on such projects, and to answer audience questions about these projects. The webinar is free and public but registration is required.
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Thanks to President Biden’s Investing in America agenda, LPO can support critical minerals mining and extraction activities as eligible project costs under the Title 17 Clean Energy Financing Program. In particular, the President’s Bipartisan Infrastructure Law allows LPO to support "projects that increase the domestically produced supply of critical minerals,” which includes “production, processing, manufacturing, recycling, or fabrication of mineral alternatives."
Further, the updated Title 17 Program Guidance added “supply of critical minerals” to the list of 1703 eligible technologies (the current list of critical minerals can be found in the U.S. Geological Survey 2022 List of Critical Minerals). This reinforces the Biden-Harris Administration’s whole-of-government approach to strengthening the nation’s critical minerals supply chain, which is essential to building America’s clean transportation future and enhancing our national and energy security.
Read the full blog for more details.
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Enacted in 1931, the Davis-Bacon Act (DBA) applies to contractors and subcontractors working on federally funded contracts in excess of $2,000 for the construction, alteration, or repair of public buildings or public works. It establishes minimum wage rate requirements for laborers and mechanics performing work on such projects and requires that they be paid on a weekly basis. It also establishes some requirements for contractors and subcontractors that intend to utilize apprentices on DBA-covered buildings or works.
DBA requirements have been extended by Congress through numerous statutes, collectively known as the Davis-Bacon “Related Acts.” The Related Acts extend DBA requirements to projects that receive assistance from the federal government through a variety of financial instruments (e.g., grants, loans, loan guarantees, insurance).
All LPO financing programs are subject to DBA labor standards through at least one (or more) Related Act, except for the Tribal Energy Finance Program. Through the requirement to pay DBA wages, LPO helps ensure that the workers in the communities where the projects are being built will be paid prevailing wages for that area. In this way, LPO’s work underscores the Biden-Harris Administration’s commitment to strengthening America’s workforce, building up local economies, and more.
Read the full blog for more details.
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Through the State Energy Financing Institution (SEFI)-Supported category of the Title 17 Clean Energy Financing Program, LPO can augment state-administered clean energy programs, providing additional financial support to projects that align federal energy priorities with those of U.S. states.
If your company has an energy technology project but your business strategy needs state partners, whether for deployment or for state energy financing institution (SEFI) support enabling an innovation waiver, please review LPO’s updated SEFI Toolkit.
LPO's State Energy Financing Institution (SEFI) Toolkit is an online resource to help applicants, potential SEFIs, and policymakers understand the process for becoming a SEFI, communicate the types of SEFIs that are currently certified, and provide SEFIs a resource for sharing relevant financial assistance opportunities with prospective borrowers through the SEFI Partnership Portal.
The SEFI Toolkit also publishes a list of SEFI Requests for Information (RFIs). The RFIs will lead you to the right contacts at various state agencies who can assess whether your project is a fit for a given state's strategy.
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The Energy Act of 2020 and the Inflation Reduction Act (IRA) of 2022 directed LPO to engage in outreach activities through conferences and online programs to disseminate information about its programs. Below is an overview of major upcoming events.
Recent Events
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Want to study up on LPO SEFI-eligible projects? LPO Senior Consultants Hans Riemer and Stephen Boyd delivered an LPO 102 session on SEFIs, hosted by the CleanTech Alliance. No pop quiz at the end, just an hour of useful information. Watch the recorded webinar here.
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LPO Senior Advisors Amy Peterson and Elizabeth Perera participated at the NECA EMERGE conference in Las Vegas, Nevada, to discuss how LPO financing helps support community, jobs, and justice. While in Nevada, they met with LiUNA! Laborers Local 872 and the Northwest Regional Organizing Coalition at one of their apprentice training facilities, where they train hundreds of apprentices for good union jobs.
LPO Senior Advisors Amy Peterson & Elizabeth Perera meet with LiUNA! Laborers Local 872 in Nevada.
Major Upcoming Events
NAFOA Webinar on LPO Tribal Financing for Solar-Plus-Storage & Microgrid Projects • 4 Jun 2024 • 1 pm - 2 pm EDT
The Native American Finance Officers Association (NAFOA) will host a webinar at 1 pm EDT on Tuesday, June 4, 2024 with members of LPO's Tribal Energy Finance Program team about how solar-plus-storage and microgrid projects can address the needs of Tribes' high-load facilities, how LPO can work with Tribes on such projects, and to answer audience questions about these projects. The webinar is free and public but registration is required.
Giga USA 2024 • 11-13 Jun 2024 • Washington, DC
Offshore Wind USA 2024 • 17-18 Jun 2024 • Boston, MA
SelectUSA Investment Summit 2024 • 23-26 Jun 2024 • National Harbor, MD
ACP RECHARGE: Energy Storage Summit 2024 • 26-28 Jun 2024 • Portland, OR
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