The Biden administration has issued its first clean energy loan guarantee.
WASHINGTON — The Biden administration has issued its first clean energy loan guarantee, reviving an Obama-era program that helped launch the country’s first utility-scale wind and solar farms a decade ago but has largely gone dormant in recent years.
Monolith says it can create both products while vastly shrinking their greenhouse gas emissions. The company plans to use the Energy Department guarantee to finance a major expansion of its existing Hallam, Nebraska, plant that produces hydrogen and carbon black. While Tesla and Solyndra are the best known examples, the loan office manages over 30 projects worth more than $30 billion and generates $500 million in interest income for the federal government every year, Shah said.
A former clean-energy entrepreneur who founded the SunEdison solar company, Shah said he understands the mindset of loan applicants —“you sell the dream, right?” — but says his job as a government official is to provide a reality check even as he offers assistance. Robert Howarth, professor of ecology and environmental biology at Cornell University, said he is “highly skeptical that this can be done with low emissions,″ adding that he was “very disappointed” at the Energy Department’s action.
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