The U.S. Department of Energy's loan program for innovative technologies was created under the Bush Administration in 2005, but the first loan guarantee wasn't extended until four years later when the loan office received funding under the federal economic stimulus.
The first loan guarantee went to California solar power company Solyndra, which filed for bankruptcy protection earlier this month despite having secured $535 million in federally backed loans.
The program under which Solyndra secured its loan guarantee, known as 1705, is due to expire at the end of this month. The DOE has closed on 18 loan guarantees under that program, but the department has also made 14 conditional commitments that have yet to be finalized.
Projects that have received conditional commitments for loan guarantees from the DOE include:
Abengoa (ABG.MC) unit Abengoa Bioenergy in August 2011 received a conditional commitment for a $133.9 million loan guarantee for the construction of Kansas plant that will produce fuel from cellulosic biomass.
First Solar Inc (FSLR.O) in June 2011 received conditional commitments for loan guarantees to fund three utility-scale solar power plants in California. The commitments include $680 million for the 230-megawatt Antelope Valley Solar Ranch One in Lancaster, $1.8 billion for the 550 MW Desert Sunlight project in Riverside County and $1.9 billion for the 500 MW Topaz project in San Luis Obispo County.
MEMC Electronic Materials Inc (WFR.N) unit Fotowatio Renewable Ventures in June 2011 received a conditional commitment for a $45.6 million loan guarantee to fund a 20 MW solar power project outside of Las Vegas.
Granite Reliable in June 2011 received a $135.8 conditional commitment to fund a 99 MW wind project in Coos, New Hampshire.
Sempra Energy (SRE.N) in June 2011 received a $398 million offer for its Mesquite Solar 1 project in Maricopa County, Arizona, that will produce 170 MW of photovoltaic solar power.
Nordic Windpower USA Inc in July 2009 received a commitment for a $16 million loan guarantee to fund the expansion of a wind turbine assembly plant in Pocatello, Idaho.
Ormat Technologies Inc (ORA.N) in June 2011 received a conditional commitment for the partial guarantee of a $350 million loan that will fund three geothermal power facilities in Nevada.
Poet LLC in July 2011 received a conditional commitment for a $105 million loan guarantee that will support development of a commercial-scale cellulosic ethanol plant in Emmetsburg, Iowa.
Prologis Inc (PLD.N) in June 2011 received a conditional commitment of $1.4 billion for a project that will install 733 MW of solar panels on industrial buildings throughout the country. NRG Energy Inc (NRG.N) is the lead investor for the first phase of the project, which will be owned and managed by Prologis. Bank of America Merrill Lynch (BAC.N) will act as the sole financial adviser and lender.
SolarCity earlier this month received an offer for a $275 million loan guarantee to install up to 160,000 rooftop solar systems on military family homes at 124 bases across the country.
SolarReserve LLC in May 2011 received a conditional $737 million loan guarantee to support the development of a Nevada solar thermal power plant.
SunPower Corp (SPWRA.O) in April 2011 received an offer for a $1.2 billion loan guarantee to support construction of a 250 MW photovoltaic solar power plant in Central California.