Facts Check Trump – Fed Investments In Solar A Huge Success
The U.S. Department of Energy’s Loan Programs O¬ce (LPO) provides the critical financing needed to deploy some of the world’s largest and most innovative clean energy and advanced technology vehicle manufacturing projects to date.
November 2014 (U.S. Department of Energy)
Despite an almost isolated case referenced by Donald Trump in the first presidential debate, the federal investments in solar and other cutting edge energies have paid off far better than any portfolio of private sector investments, according to the Department of Energy update made as the program went into hiatus in 2014.
“LPO currently manages a portfolio comprising more than $30 billion of loans, loan guarantees, and conditional commitments covering more than 30 projects. These projects include some of the world’s most innovative and largest solar, wind, geothermal, biofuel, and nuclear facilities, as well as advanced technology vehicle manufacturing facilities in six states producing some of America’s best-selling vehicles. Overall, these loans and loan guarantees have resulted in more than $50 billion in total project investment,” the update reports.
In September 2014, LPO-financed projects have moved solar and other technologies that might not have come to market if they had to depend solely on private sector investment. They had repaid nearly $3.5 billion of principal and earned over $810 million in interest payments. The interest payments largely come in on or ahead of schedule and will eventually earn the federal government an estimated $5 billion-plus in interest. Losses at the time of the update were less than $780 million, less than 3.6% of the total money loaned. click here for more