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202329 Sep

US closes $3 billion loan guarantee for first virtual power plant project

Summary

REUTERS/Brian Snyder/File Photo Acquire Licensing Rights WASHINGTON, Sept 28 (Reuters) - The U.S. Energy Departments loan office on Thursday closed a $3 billion partial loan guarantee for a project to provide more than 100,000 homeowners with rooftop solar units and batteries and allow them to feed power into the local electric grid. The project could potentially avoid 7.1 million tonnes of carbon dioxide emissions and generate 568 megawatts (MW) of emissions-free power over 25 years, it added. The Energy Department said on Thursday that this is the single largest commitment ever made by the U.S. government to solar power, and the DOEs first loan guarantee for a VPP. Project Hestia would target lower income homeowners and could create as many as 3,400 jobs, the Energy Department said. VPPs have been on the rise in the U.S. since the Federal Energy Regulatory Commission in 2020 allowed them to compete in wholesale power markets.

Source: Reuters

Funding

$3B
Amount
Sep 29 2023
Date
-
Investor
US
Company

Classifications

Companies