Thursday, June 30 2022 Sign In   |    Register

News Quick Search



Front Page
Power News
Today's News
Yesterday's News
Week of Jun 27
Week of Jun 20
Week of Jun 13
Week of Jun 06
Week of May 30
By Topic
By News Partner
Gas News
News Customization


Pro Plus(+)

Add on products to your professional subscription.
  • Energy Archive News

    Home > News > Power News > News Article

    Share by Email E-mail Printer Friendly Print

    America's Hydropower Highway One Step Closer to Reality

    May 26, 2022 - PR Newswire


      DOE Invites REA to Submit Part II Loan Application

      PITTSTON, Pa., May 26, 2022 /PRNewswire/ -- As part of a growing movement toward self-sustaining energy generation, Renewable Energy Aggregators, Inc. ("REA"), a leading developer of renewable energy for electric vehicle (EV) charging infrastructure, today announced that it has been invited by the US Department of Energy ("DOE") Loan Programs Office ("LPO") to submit a Part II application for a Renewable Energy and Efficient Energy loan guarantee for the American Hydropower Highway project.

      To receive this invitation REA had to demonstrate in the Part I application that its Pumped Storage Hydroelectric Plant uses innovative technology and avoids or reduces greenhouse gas (GhG) emissions. REA will now present final documentation for the First Mile of America's Hydropower Highway.

      The Susquehanna Microgrid, a $2.0 billion capital investment project located in Scranton, Pennsylvania, will provide renewable energy for EV charging complexes at rest stops along the Interstate Highway System in the Northeast US. The project is expected to create more than 6,500 green jobs in a region historically known as "Coal Country." REA, alongside partners and vendors, will work closely with LPO to fulfill Part II of the loan application process.

      "We are very excited and grateful to the DOE Loan Programs Office for inviting REA to submit a Part II loan application," said Adam Rousselle, CEO of REA. "The DOE offers innovative and transformational American companies like ours the opportunity to lead America's energy transition by building long duration renewable energy infrastructure that will power EV cars, light-medium duty trucks, and Class 8 heavy duty trucks for decades to come. This initiative reflects REA's goal of becoming an industry leader in renewable energy generation and storage," said Rousselle.

      DOE's Renewable Energy and Efficient Energy Project Loan Guarantee Solicitation – now referred to as the Innovative Clean Energy Solicitation – provides debt financing for project costs related to design, engineering, financing, construction, startup, and commissioning clean energy projects that will power America's most critical national infrastructure. Through its Title 17 Innovative Clean Energy Loan Guarantee Program, DOE can help finance catalytic, replicable, and market-ready renewable energy technologies with $3 billion in loan guarantees available. The program aims to help close the gap in commercial financing for energy projects in the US that use innovative technologies to avoid, reduce, or sequester GhG emissions.

      The LPO invitation to REA to submit a Part II application for a loan guarantee reflects LPO's determination that the project satisfies the technical eligibility requirements set forth in the applicable LPO solicitation, based on the materials submitted to DOE as of the date of its determination. DOE's invitation to submit a Part II application is not, however, an assurance that DOE will invite REA into the due diligence and term sheet negotiations process, that DOE will offer a term sheet or that the terms and conditions of a term sheet will be consistent with terms proposed by the applicant. The foregoing matters are wholly dependent on the results of the DOE review and evaluation of a Part II application and DOE's determination whether to proceed.

      Twitter: @hydropowerhighway |Facebook: Hydropowerhighway | Instagram: Hydropowerhighway | Linkedin: Hydropowerhighway

      Cision View original content to download multimedia:

      SOURCE Renewable Energy Aggregators, Inc.


    Other Articles - Utility Business / General


       Home  -  Feedback  -  Contact Us  -  Safe Sender  -  About Energy Central   
    Copyright © 1996-2022 by CyberTech, Inc. All rights reserved.
    Energy Central® and Energy Central Professional® are registered trademarks of CyberTech, Incorporated. Data and information is provided for informational purposes only, and is not intended for trading purposes. CyberTech does not warrant that the information or services of Energy Central will meet any specific requirements; nor will it be error free or uninterrupted; nor shall CyberTech be liable for any indirect, incidental or consequential damages (including lost data, information or profits) sustained or incurred in connection with the use of, operation of, or inability to use Energy Central. Other terms of use may apply. Membership information is confidential and subject to our privacy agreement.