This program will guarantee loans to projects that retool, repower, repurpose, or replace energy infrastructure that has ceased operations or that enable operating energy infrastructure to avoid, reduce, utilize, or sequester air pollutants or anthropogenic emissions of greenhouse gases. The IRA placed a total cap on loan guarantees of up to $250 billion and appropriated $5 billion in credit subsidy to support these loan guarantees under section 1706 of the Energy Policy Act of 2005.

Overview

Office:

Loan Programs Office

New Program:

Yes

Funding Amount:

$5,000,000,000 of credit subsidy appropriations
Loan guarantee authority of up to $250,000,000,000

Funding Mechanism:

Loan Guarantees

Recipients:

Program design and rulemaking is underway to refine definition of eligible recipients. Anticipated: States, Counties, Cities / Townships, Special Districts, Tribal Governments (federally recognized), Tribal Governments (other than federally recognized), Independent School Districts, Public Higher-Ed Institutions, Private Higher-Ed Institutions, Public Housing Authorities, Indian Housing Authorities, Nonprofits with 501(c)(3) status, Nonprofits without 501(c)(3) status, Small Businesses, Businesses (other than small businesses)

Period of Availability:

To remain available for commitment through 9/30/2026

Assistance Listing:

TBD

Formula Funding:

No

Tribal Eligibility:

Yes

Cost Share Requirement:

N/A. Loan amount cannot exceed 80% of eligible project costs

More Information

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 anthropogenic emissions of greenhouse gases. Potential projects could include repurposing shuttered fossil energy facilities for clean energy production, retooling infrastructure from power plants that have ceased operations for new clean energy uses, or updating operating energy infrastructure with emissions control technologies, including carbon capture, utilization, and storage (CCUS).

Interim final rule and accompanying guidance anticipated Q1 2023.

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