US Energy Department offers $22.92bn in loans to modernize energy systems
The US Department of Energy’s Loan Programs Office (LPO) has conditionally approved $22.92bn in financing for eight utilities across 12 states under the Energy Infrastructure Reinvestment (EIR) programme. Created by the Inflation Reduction Act, the programme aims to modernize energy infrastructure and reduce emissions. The loans will fund clean generation, transmission upgrades, energy storage, gas pipeline investments, and grid modernization projects. Utilities will benefit from lower financing costs compared to borrowing through commercial capital markets….