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Updates to the Section 1703 Loan Guarantee Program

Loan Programs Office

July 9, 2014
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The Department of Energy’s Loan Programs Office (LPO) is announcing two administrative updates to its Section 1703 loan guarantee program. This program was authorized by Title XVII of the Energy Policy Act of 2005 and issues loan guarantees to eligible innovative energy projects.  1. The LPO is reducing application fees under its $8 billion Advanced Fossil Energy Projects Loan Guarantee Solicitation. Specifically, the Part I application fee has been reduced from $75,000 to $50,000 and the Part II application fee has been reduced from $925,000 to $350,000 for applications requesting more than $150 million in loan guarantees. The Part II application fee has been reduced to $100,000 for applications requesting a loan guarantee for $150 million or less. More information is available here. 2. The LPO is announcing that a credit-based interest rate spread will be added to certain loans that are issued by the Federal Financing Bank (FFB) and backed by a 100 percent loan guarantee issued by the Department of Energy. Information on the credit-based interest rate formula can be found here

Peter W. Davidson

Printable biography (pdf)


Peter W. Davidson served as Executive Director of the Loan Programs Office (LPO) at the U.S. Department of Energy from May 2013 to June 2015.  Mr. Davidson oversaw the program’s more than $30 billion portfolio of clean energy and advanced vehicle loans and loan guarantees, making it the largest project finance organization in the U.S. government.  Mr. Davidson was responsible for ensuring that the LPO carries out its mission to accelerate the deployment of innovative clean energy projects and domestic advanced vehicle manufacturing.  By providing debt capital to a broad range of renewable energy, advanced fossil energy, and nuclear energy projects, as well as advanced vehicle manufacturing facilities, the LPO is supporting economic development across the U.S., promoting an “all-of-the-above” energy strategy, and reducing greenhouse gas emissions.

Prior to leading the LPO, Mr. Davidson was Senior Advisor for Energy and Economic Development at the Port Authority of New York and New Jersey and was the Executive Director of New York State’s economic development agency, the Empire State Development Corporation.  Prior to his government service, Mr. Davidson was an entrepreneur who founded and managed six companies in Spanish language and other niche markets, broadcasting, publishing, marketing and digital preferred services.  Early in his career he was an executive in the investment banking division of Morgan Stanley & Co.
 

Since 2001, Mr. Davidson has also been Chairman of the JM Kaplan Fund, a New York City based philanthropic organization. Under his leadership, grant making has focused on reducing New York City’s carbon footprint; supporting immigrant integration in the U.S. and archeological conservation world-wide.


Mr. Davidson has a BA from Stanford University and an MBA from the Harvard Business School.

Tags:
  • Clean Energy
  • Energy Policy
  • Renewable Energy
  • Inflation Reduction Act