With Trump Looming, Biden’s Green Bank Moves to Close Billions in Deals
The Energy Department’s lending program is a key part of Biden’s climate legacy, but its future is uncertain after January.
President-elect Donald Trump tried to kill the Energy Department’s green bank during his first administration. The office has made a number of large loan offers since the election.
Photographer: Brandon Bell/Getty Images
US President Joe Biden’s $400 billion green bank has just weeks to close billions of dollars in deals to finance green technology before handing the keys to the Trump administration.
The Energy Department’s Loan Programs Office (LPO) has provided crucial support for companies deploying first-of-its-kind technology and large projects that banks typically shy away from. Among other loans under Biden, LPO has made a record $9.2 billion offer to Ford Motor Co. to finance building three battery factories and provided $1.5 billion to Holtec International Corp. to restart a shuttered nuclear power plant.