U.S. Energy Secretary Jennifer Granholm said on Wednesday that she is ready to utilize $40 billion from the loan program, which has not been used in the past four years, to promote the transition to clean energy.
"I am ready to speed up these engines back up so that we can catalyze the next generation of innovation and deployment," Granholm said at CERAWeek virtual meeting.
Jigar Shah, an expert in financing clean energy, will head the loan programs office. Shah was a co-founder of Generate Capital, helping entrepreneurs accelerate decarbonization, and a CEO of SunEdison, a solar energy financing company.
“He will help us put together an indomitable investment portfolio for U.S. taxpayers that will help us tackle climate change and create jobs,” said Granholm.
“We are ready to invest in advanced vehicles, carbon capture, advanced reactors, and more,” she added.
The Energy Department Loan Office was established with stimulus funding in 2009, and it has been loaned by successful companies, including Tesla during the Obama administration.
It received criticism from the Republican Party for supporting a failed solar energy company "Solyndra".
Granholm was confirmed by the Senate last week, with the support of many Republicans from fossil fuel producing states.
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