The Administration’s FY2022 budget request proposes funding for LPO to continue originating and issuing new loans and responsibly managing its existing portfolio
June 2, 2021
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The U.S. Department of Energy’s Loan Programs Office (LPO) finances large-scale, all-of-the-above energy infrastructure and auto sector manufacturing projects in the United States.
Since 2009, LPO has issued more than $35 billion in loans and loan guarantees to more than 30 projects across the U.S., catalyzing new energy technologies, creating jobs, and avoiding carbon emissions.
Today, LPO is staffed with an in-house team of world-class financial, technical, legal, and environmental experts that only the U.S. Department of Energy can provide, and with more than $40 billion in loan and loan guarantee authority currently available. LPO is able to help the Biden-Harris Administration meet its ambitious climate goal of a net-zero carbon emission economy by no later than 2050.
To support this goal, the Administration’s Fiscal Year (FY) 2022 budget request proposes funding for LPO to continue originating and issuing new loans and responsibly managing its existing portfolio in a manner that will accelerate technology deployment, achieve environmental justice, and create U.S. jobs. Additionally, the budget requests $150 million for credit subsidy, associated with an additional $1.5 billion of guaranteed loan authority, for innovative electric vehicle infrastructure, carbon management, and other clean energy projects that create good paying jobs with a free and fair choice to join a union.
|
Title 17 Innovative Technology Loan Guarantee Program Funding ($K) |
FY 2020 |
FY 2021 |
FY 2022 |
FY 2022 Request vs |
|
| $ | % | ||||
|
Administrative Expenses |
32,000 |
32,000 |
32,000 |
0 |
0.0% |
|
Title 17 Credit Subsidy |
0 |
0 |
150,000 |
+ 150,000 |
N/A |
|
Offsetting Collections |
-3,000 |
-3,000 |
-3,000 |
0 |
0 |
|
Total |
29,000 |
29,000 |
179,000 |
+150,000 |
517.2% |
|
Advanced Technology Vehicles Manufacturing Loan Program Funding ($K) |
FY 2020 |
FY 2021 |
FY 2022 |
FY 2022 Request vs |
|
| $ | % | ||||
|
Administrative Expenses |
5,000 |
5,000 |
5,000 |
0 |
0% |
|
Total |
5,000 |
5,000 |
5,000 |
0 |
0% |
|
Tribal Energy Loan Guarantee Program Funding ($K) |
FY 2020 |
FY 2021 |
FY 2022 |
FY 2022 Request vs |
|
| $ | % | ||||
|
Administrative Expenses |
2,000 |
2,000 |
2,000 |
0 |
0.0% |
|
Total |
2,000 |
2,000 |
2,000 |
0 |
0.0% |