The U.S. official in charge of funding for alternative-energy projects expects to guarantee a total of up to $25 billion in loans before a key program ends in September.
"We are racing to close a number of very important transactions," Jonathan Silver, head of the Energy Department's loan guarantee program, told a GigaOm GreenNNet conference in San Francisco. Companies were considering guarantee contracts, known as term sheets, for about 20 or 25 projects, he said.
The loan guarantee program, under which the government effectively backs loans for renewable projects, such as utility-scale solar energy, is one of Washington's highest profile commitments to clean energy.
"(The program) probably equates to $20-25 billion in total loan guarantees when done, and we will be there when the program sunsets. That's in total for that program. Probably half to two-thirds of that has been done already," he said on the conference sidelines.
Companies who don't make the end-of-September deadline may be eligible for a related program without a time limit, thanks to changes in the second program, he added.
