On October 7, 2009, the U.S. Department of Energy ("DOE") released a new solicitation for applications for renewable energy projects under its loan guarantee program. Unlike previous DOE solicitations, which focused on loan guarantee applications to support new or innovative technologies not in general use in the marketplace, this new solicitation targets applications for conventional renewable energy projects such as wind, solar, biomass, geothermal and hydropower. In addition, this solicitation initiates a new Financial Institution Partnership Program ("FIPP") in which proposed borrowers do not apply directly to the DOE, but rather work with qualifying financial institutions that apply to the DOE for a loan guarantee. The total amount of funding under this new solicitation is $750 million, which the DOE envisions supporting from $4 billion to $8 billion in new renewable energy projects.
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