Domenici Statement on Final Loan Guarantee Regulation
October 4, 2007
01:43 PM
ALBUQUERQUE – U.S. Senator Pete Domenici, ranking member of the Senate Energy and Natural Resources Committee, today issued the following statement regarding the final regulation for the Department of Energy’s (DOE) Loan Guarantee program:
“I am very pleased that DOE has issued the final regulation for its Loan Guarantee Program. At last, we now know that the program will proceed in a way consistent with our intent in the Energy Policy Act of 2005.
“In particular, I would note that the Administration has kept its commitment to me to guarantee up to 100 percent of a loan, subject to the overall cap of 80 percent of the cost of the project. This represents a significant and important change from the proposed draft rule.
“While alternative energy projects have attracted strong interest and growth, they have not yet secured the stable debt financing necessary to ensure their long term success. It is my belief and hope that a robust loan guarantee program will provide these projects the stability that will allow them to flourish, starting with the 16 pre-applicants that will now be invited to submit full applications.”
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