Department of Energy Financing for Innovative Fossil Energy Projects: Understanding the Solicitation
Recorded on Thursday, May 22, 2014:
1:00 - 2:30 pm Eastern US Time
On December 12, 2013, the window opened, for the first time in four years, for applications for financing from the U.S. Department of Energy’s Loan Guarantee Program. The solicitation offers up to $8 billion in DOE-guaranteed financing to fund up to 80% of the costs of fossil energy projects that embody innovative technologies and avoid, reduce or sequester air pollutants or greenhouse gas emissions. The window will be open for applications until Oct. 30, 2015.
DOE is looking to back four types of projects:
- advanced resource development projects that reduce gas emissions related to the mining or recovery of fossil fuels, such as novel oil and gas drilling technologies, use of associated gas production to reduce flaring, coal-bed methane recovery and underground coal gasification;
- carbon capture projects that remove CO2 emissions for permanent underground storage or through beneficial reuse;
- low-carbon power systems that integrate fossil fuel electricity generation with CO2 storage or beneficial reuse, such as coal or natural gas oxy-combustion, chemical-looping processes, hydrogen turbines and synthesis gas-natural gas- or hydrogen-based fuel cells; and
- efficiency improvements that reduce emissions-per-product by improving feedstock utilization of fossil-based systems, such as combined-heat-and-power projects, waste heat recovery on industrial facilities and high-efficiency distributed fossil power systems.
The new solicitation covers both “electrical and non-electrical” fossil energy uses. “Fossil fuels” includes coal, natural gas, oil shale gas, oil gas, coal-bed methane, methane hydrates and “others.” Projects may involve any stage of the full lifecycle of fossil fuel development (resource, process, products and downstream).
Unlike the DOE financing provided under the Recovery Act, these guarantees require the borrower, rather than the government, to pay for federal “credit subsidy costs”. A further development since the prior round of DOE financings is that, subject to certain carve-outs, fossil project loan guarantee recipients cannot “double dip” (i.e., they cannot also benefit from most other kinds of federal support).
Topics to be covered during this webinar:
- Project eligibility
- Application process
- Project evaluation, ranking and priorities
Kenneth W. Hansen, Partner, Chadbourne & Parke, LLP
Douglas Schultz, Director of Loan Guarantee Origination, U.S. Department of Energy, Loan Programs Office
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