DOE Invites REA to Submit Part II Loan Application
PITTSTON, Pa., May 26, 2022 /PRNewswire/ — As part of a growing movement toward self-sustaining energy generation, Renewable Energy Aggregators, Inc. ("REA"), a leading developer of renewable energy for electric vehicle (EV) charging infrastructure, today announced that it has been invited by the US Department of Energy ("DOE") Loan Programs Office ("LPO") to submit a Part II application for a Renewable Energy and Efficient Energy loan guarantee for the American Hydropower Highway project.
To receive this invitation REA had to demonstrate in the Part I application that its Pumped Storage Hydroelectric Plant uses innovative technology and avoids or reduces greenhouse gas (GhG) emissions. REA will now present final documentation for the First Mile of America’s Hydropower Highway.
The Susquehanna Microgrid, a $2.0 billion capital investment project located in Scranton, Pennsylvania, will provide renewable energy for EV charging complexes at rest stops along the Interstate Highway System in the Northeast US. The project is expected to create more than 6,500 green jobs in a region historically known as "Coal Country." REA, alongside partners and vendors, will work closely with LPO to fulfill Part II of the loan application process.
"We are very excited and grateful to the DOE Loan Programs Office for inviting REA to submit a Part II loan application," said Adam Rousselle, CEO of REA. "The DOE offers innovative and transformational American companies like ours the opportunity to lead America’s energy transition by building long duration renewable energy infrastructure that will power EV cars, light-medium duty trucks, and Class 8 heavy duty trucks for decades to come. This initiative reflects REA’s goal of becoming an industry leader in renewable energy generation and storage," said Rousselle.
DOE’s Renewable Energy and Efficient Energy Project Loan Guarantee Solicitation – now referred to as the Innovative Clean Energy Solicitation – provides debt financing for project costs related to design, engineering, financing, construction, startup, and commissioning clean energy projects that will power America’s most critical national infrastructure. Through its Title 17 Innovative Clean Energy Loan Guarantee Program, DOE can help finance catalytic, replicable, and market-ready renewable energy technologies with $3 billion in loan guarantees available. The program aims to help close the gap in commercial financing for energy projects in the US that use innovative technologies to avoid, reduce, or sequester GhG emissions.
The LPO invitation to REA to submit a Part II application for a loan guarantee reflects LPO’s determination that the project satisfies the technical eligibility requirements set forth in the applicable LPO solicitation, based on the materials submitted to DOE as of the date of its determination. DOE’s invitation to submit a Part II application is not, however, an assurance that DOE will invite REA into the due diligence and term sheet negotiations process, that DOE will offer a term sheet or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of the DOE review and evaluation of a Part II application and DOE’s determination whether to proceed.
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SOURCE Renewable Energy Aggregators, Inc.