PROJECT SUMMARY
In January 2025, the U.S. Department of Energy’s (DOE) Loan Programs Office (LPO) announced the closing of a $15 billion loan guarantee to Pacific Gas & Electric Company (PG&E), a combined natural gas and electric utility serving Northern and Central California. The loan guarantee for PG&E’s Project Polaris will support a portfolio of projects to expand hydropower generation and battery storage, upgrade transmission capacity through reconductoring and grid enhancing technologies, and enable virtual power plants throughout PG&E’s service area.
ECONOMIC IMPACT
LPO’s financing of the individual projects within the loan facility comes at a lower interest rate than traditional capital market financing, helping reduce upward pressure on electricity costs for PG&E’s 16 million customers.
At full deployment, PG&E’s investments are expected to support thousands of on-going construction and operations jobs.
COMMUNITY BENEFIT
In its CBP, PG&E plans to expand its outreach programs to boost engagement and deliver community benefits in partnership with key stakeholders, including local governments, Native American Tribes, community-based organizations, and low-and-middle income customers.
PG&E has committed to locate many projects in disadvantaged communities, as identified by the Climate and Economic Justice Screening Tool.
PROJECT STATISTICS: Project Polaris
| PROJECT SUMMARY | Owners | PG&E |
| Location | Northern & Central California | |
| FINANCIAL SUMMARY | Loan Program | 1706 |
| Loan Type | Loan Guarantee | |
| Guaranteed Loan Amount* | $15 billion | |
| Issuance Date | January 2025 | |
| ECONOMIC IMPACT | Permanent U.S. Jobs Supported** | More than 1,000 |
* Last Updated January 2025. Approximate amount of the loan approved at closing including principal and any capitalized interest.
** Estimated at the time of closing