LPO 2023: An Unforgettable Year!

January 10, 2024
1 min read

The Department of Energy’s (DOE) Loan Programs Office (LPO) has published its “Year in Review 2023” report, highlighting its progress over the course of the year. The LPO aims to accelerate energy and manufacturing investments in order to advance America’s economic future. In 2023, the LPO announced nine new conditional commitments, equating to over $17bn in potential financing. The LPO-financed nuclear power plant Vogtle Unit 3 began commercial operations, while Vogtle Unit 4 is expected to become operational in early 2024. The LPO also extended a partial loan guarantee to Sunnova’s Hestia project, which will provide solar and storage access to areas affected by power outages. Throughout the year, the LPO made conditional commitments to various projects in sectors including energy storage, advanced vehicles, and critical materials.

The article highlights the LPO’s efforts to promote clean energy technologies and reduce emissions, support environmental justice, protect public health, create jobs, and save consumers money. It outlines specific conditional commitments made by the LPO in 2023, including commitments to Redwood Materials, Eos Energy Enterprises, BlueOval SK LLC, and CelLink. The LPO also published the first six reports in its “Pathways to Commercial Liftoff” series, which provide insights on what it will take for various technologies to achieve commercial success.

Office and program updates are also discussed, including the release of updated program guidance for the Title 17 Clean Energy Financing Program. The LPO introduced a State Energy Financing Institution (SEFI) toolkit and has identified multiple SEFIs to collaborate with on future clean energy projects. The LPO has seen significant interest in its financing programs, with 189 applications in the pipeline as of November 2023, totaling nearly $175bn in project financing.

The LPO has also focused on community jobs and justice, incorporating the DOE’s Community Benefits Plan (CBP) framework into its programs and training staff on the importance of Justice40 and quality jobs. The LPO has continued to build its team of experts to evaluate projects and streamline the application process. The LPO anticipates a busy 2024 with more deals and new partnerships to advance America’s energy and economic future.

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