The purpose of this program is to provide loan funding to finance power generation projects for Renewable Energy Resource (RER) systems or Energy Storage Systems (ESS) that support RER projects. The program goal is to support clean, affordable energy growth across the country through loans to eligible entities with varying levels of loan forgiveness for projects that generate and/or store electricity from RER.
Awards may be used to finance wind, solar, hydropower, geothermal, or biomass renewable energy projects. Energy storage projects related to a renewable energy project are also eligible.
Applicants are encouraged to consider projects that will advance the following key priorities:
Assisting rural communities to recover economically through more and better market opportunities and through improved infrastructure
Ensuring all rural residents have equitable access to programs offered by the funding agency and benefits from funded projects
Reducing climate pollution and increasing resilience to the impacts of climate change through economic support to rural communities
Projects must be based on bankable power purchase agreements (PPAs) or through a financial guarantee that ensures the financial feasibility of the project. Energy must be sold for resale to eligible off-takers that may include both utility and non-utility customers. The technologies used must be commercially available.
State and local governments, including municipalities
Federally recognized Indian tribes, including their wholly arms and instrumentalities
Alaska Native corporations, including regional or village corporations
Nonprofit organizations
Institutions of higher education
Community-based organizations, distribution electric cooperatives, and generation and transmission electric cooperatives
Utility districts