The federal program that provides loans to start-up clean energy projects was spared in the budget agreement approved by Congress on Thursday.
Funding for the Department of Energy's Loan Guarantee Program was slashed by the House Republican majority in February, but after tense budget negotiations in the weeks that followed the program got to keep its funding, Senate Majority Leader Harry Reid, D-NV, told reporters in a conference call Thursday morning as members of the U.S. House were casting their votes for the budget deal.
He said the program will mean jobs and a boost to Nevada's economy.
"Clean energy for Nevada means one thing: jobs," Reid said. "We're so fortunate to live in a state with so many abundant natural resources."
House members voted 260-167 to continue funding the federal government through the rest of the fiscal year. The bill includes about $38 billion in cuts for federal agencies.
Reid said there are seven companies vying for one of these loan guarantees in Nevada.
The loan guarantee program, established under the 2005 Energy Policy Act and expanded under the 2009 stimulus bill, provides an incentive for private investors to finance renewable energy projects around the country.
So far the DOE has conditionally committed or closed nearly $18 billion in loan guarantees to 20 projects, all of which amount to $28 billion in total investment, said Ebony Meeks, a spokeswoman for the DOE.
Those finalized projects, which span over 14 states including two facilities in Nevada, could mean thousands of jobs and enough clean energy to power 2 million homes, she said.
Among those companies still waiting for final approval include SolarReserve, which is planning on constructing a $750 million solar energy project near Tonopah this summer that also will have the ability to store energy, said CEO Kevin Smith.
The company is seeking a loan guarantee of more than $500 million with a private investment of about $250 million.
"We're hoping for a conditional commitment maybe by the end of the month or early May," Smith said.
Other companies in the region vying for one of these loan guarantees include the geothermal energy producer Ormat Technologies Inc. based in Reno and Fulcrum Energy, which is planning a $120 million project in Storey County that will convert garbage into ethanol.
