DOE offers stimulus funds for hydropower development

Up to $750 million in federal stimulus funds will be used to accelerate the development of new renewable energy capacity, including hydropower, the U.S. Department of Energy announced.

The funding will cover the cost of loan guarantees, which could support as much as $4 billion to $8 billion in lending to eligible projects, said Energy Secretary Steven Chu.

The announcement was accompanied by the launch of DOE’s Financial Institution Partnership Program, which is designed to streamline the agency’s loan guarantee underwriting process and leverage private-sector expertise and capital.

Under this solicitation, proposed borrowers won’t apply directly to the DOE. Instead, they will work with lenders to meet the qualifications. The guarantee percentage will be no more than 80 percent of the maximum aggregate principal and interest during a loan term. The project must have a credit rating of at least BB or an equivalent with a nationally recognized credit rating agency.

For more information about this solicitation and the DOE’s loan guarantee program, go to www.lgprogram.energy.gov.

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