by Mark J. Riedy, John C. F. Loving, Stephen M. Anstey and Patrick McShane (Kilpatrick Townsend – Energy/Biofuels Digest) … Of the $369 billion for energy security and climate change, which supports various tax incentives, programs, and other initiatives, the IRA provides approximately $70 billion in new funds to the Department of Energy (DOE) Loan Program Office (LPO). Allocations regarding the LPO include: $40 Billion in Additional Funding for the DOE Title XVII Loan Guarantee Program
The IRA would provide an additional $40 billion in funding to the Title XVII Loan Guarantee Program in the LPO to support U.S. energy infrastructure development. The LPO finances large-scale energy infrastructure projects in the United States. The LPO currently administers “more than $40 billion in loans and loan guarantees […] to help deploy innovative clean energy, advanced transportation, and tribal energy projects in the United States.” Further, “since 2009, LPO has issued more than $35 billion in loans & loan guarantees to more than 30 projects across the United States, catalyzing new energy technologies, creating jobs, and building on its deep sector expertise.” The $40 billion provided to the DOE Title XVII Loan Guarantee Program under the IRA is in addition to the more than $40 billion it already administers.
$3 Billion in Funding to Support the Expanded DOE Advanced Technology Vehicles Manufacturing Direct Loan Program
In addition to, and separate from, the $40 billion in additional funding that would be provided to the LPO for the Title XVII Loan Guarantee Program, the IRA also would provide an additional $3 billion in funding to DOE’s Advanced Technology Vehicles Manufacturing Direct Loan Program (ATVM).
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The $3 billion in additional funding to the ATVM will support manufacturing of medium-duty and heavy-duty vehicles that meet certain greenhouse gas emissions standards, along with, “a train or locomotive, a maritime vessel, an aircraft, and hyperloop technology.” The expansion of the ATVM was authorized in the Infrastructure Investment and Jobs Act of 2021 and now would be funded through the IRA.
$3.6 Billion to the LPO for the Costs of Guarantees under Title XVII Loan Guarantee Program
The IRA also provides the LPO with $3.6 billion “for the costs of guarantees made under the Title XVII Loan Guarantee Program, section 1703 of the Energy Policy Act of 2005 (42 U.S.C. 16513).”
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$5 Billion to Support Energy Infrastructure Reinvestment Financing under the Title XVII Loan Guarantee Program
The IRA amends the Title XVII Loan Guarantee Program and allocates $5 billion to support energy infrastructure reinvestment financing under the LPO. The IRA amends the Title XVII Loan Guarantee Program by adding new Section 1706, which authorizes the DOE Secretary to make guarantees, including refinancing, for projects that “[(a)](1) retool, repower,repurpose, or replace energy infrastructure that has ceased operations; or [(a)](2) enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or anthropogenic emissions of greenhouse gases.”
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The IRA Increased the Tribal Energy Loan Guarantee Program Funding Level to $20 Billion
The IRA increased the level of available guaranteed funds to the LPO’s Tribal Energy Loan Guarantee Program (TELGP). In addition to the ATVM, the LPO also administers the TELGP. READ MORE