Chu noted that DOE's loan programs "play a critical role in spurring investment in a clean energy economy, creating new jobs, and fighting carbon pollution." The LGP was created by the Energy Policy Act of 2005 and updated by the American Recovery and Reinvestment Act this year.
Under ARRA, the DOE received $4 billion in appropriations to support $32 billion in loan guarantees. Solyndra was the first company to receive a loan under the program; others include Beacon Power and Nordic Windpower. Loans are provided to "renewable energy projects … electric power transmission projects and leading-edge biofuels projects," says the department.
The new appointee, Jonathan Silver, is a Harvard graduate with experience in green energy venture capital. He has done policy advisory work for the Departments of Commerce and Interior.
In a separate program to incentivize next-generation vehicle development, $7.5 billion was appropriated by ARRA for $25 billion in loans. Nissan, Tesla Motors, and Fisker Automotive received loans under the program.
