The Energy Department’s Loan Programs Office is offering up to $2.5 billion to support a portfolio of utility-scale renewable energy and storage projects in Wisconsin.
The conditional commitment for a loan guarantee to Wisconsin Electric Power Co. — a utility subsidiary of WEC Energy Group — marks the first project under a new flexible loan facility and disbursement approach from the office, which is meant to support utility borrowers.
The loan office has grown significantly under President Joe Biden, but it faces an uncertain future under the incoming Trump administration. There’s been an uptick in action from the office in recent weeks as borrowers race to lock in financing before President-elect Donald Trump, who has promised to rescind funds and dismantle the Biden energy agenda, enters the White House.
The loan guarantee, if finalized, will help finance more than 1,650 megawatts of utility-scale projects, including wind, solar, energy storage and hydropower, the loan office said. It would help support WEC Energy Group’s goal to eliminate coal as an energy source by the end of 2032.
