U.S. offers $8. 25 B in loans to boost power grid

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WASHINGTON, April 27 - The U.S. Energy DepartmentEnergy Department announced Tuesday that it is lending up to $8.25 billion to companies in the energy grid as part of the Biden administration's goal to train the country on a path to 100% clean energy by 2035.

The department is making funds available for projects that improve resilience and expand the transmission capacity across the grid, so we can reliably move clean energy from places where it's produced to places where it's most needed, Energy Secretary Jennifer Granholm said.

The loans will be available in two pools.The ECOR Loans Program Office in the Energy DepartmentEnergy Department is seeking applicants for up to $5 billion in loan guarantees to support innovative transmission projects, together with transmission projects owned by federally recognized tribal nations or Alaska Native Corporations.These projects will include high voltage lines, transmission to link offshore wind and facilities near railway and highway routes.

Up to $3.25 billion will be available through the Western Area Power Administration's Transmission Infrastructure Program lending program revolving each year.The federal debt financing program is organized by Congress to support transmission and related infrastructure projects that facilitate the distribution of clean power in America West.

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