How did the American Recovery and Reinvestment Act of 2009 (the “Recovery Act”) amend the Department of Energy’s (DOE) Loan Guarantee Program and how much was provided in appropriated funds?
The Recovery Act created Section 1705 under Title XVII of the Energy Policy Act of 2005, authorizing a new program for rapid deployment of renewable energy systems, electric power transmission and leading edge biofuels projects. Approximately $3,965,000,000 in appropriated funds was originally made available under the Recovery Act to pay the credit subsidy costs of loan guarantees for such projects.
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