US $5bn loan guarantee for key green power transmission link
Richard Kessler | Source: RECharge | Posted 11/28/2024
The US Department of Energy (DoE) announced a conditional commitment to guarantee a loan of up to $4.9bn to Grain Belt Express, the Invenergy inter-regional renewable energy transmission line project with 2.5GW of first-phase carrying capacity.
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The US Department of Energy (DoE) has announced a conditional commitment to guarantee a loan of up to $4.9 billion for the Grain Belt Express renewable energy transmission line project by Invenergy. The loan includes $4.4 billion in principal and $470 million in capitalised interest, aiming to accommodate the 2.5GW carrying capacity of the first phase of the project, which will transport wind energy from Kansas to Missouri.
Grain Belt Express LLC, the developer and Invenergy affiliate, must meet various conditions related to technical, legal, environmental, and financial aspects. The project's first phase will link the Southwest Power Pool (SPP), the Midcontinent Independent System Operator (MISO), and Associated Electric Cooperative Incorporated (AECI) grids. DoE's commitment aligns with the Biden administration's efforts to enhance long-haul transmission capacity across the country to support renewable energy projects and meet increasing electricity demands in the coming years.
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