The Department of Energy’s (DOE) Loan Programs Office (LPO) has announced the closing of a $1.66 billion loan guarantee to Plug Power Inc.’s subsidiary, Plug Power Energy Loan Borrower, LLC. This amount includes $1.55 billion in principal and $107 million in capitalised interest. The loan will support the financing of construction of up to six facilities across several states. These facilities will produce clean hydrogen by utilising the company’s electrolyser technology.
Furthermore, the hydrogen fuel produced by the project is expected to power fuel cell-electric vehicles in material handling, transportation, and industrial sectors. Upon completion, the project will support an integrated and resilient commercial-scale clean hydrogen fueling network across several regions of US.
Earlier this month, DOE’s Loan Programs Office announced the closing of a $1.67 billion loan guarantee to Montana Renewables. The loan will support the expansion of a renewable fuels facility in Montana, enabling the production of sustainable aviation fuel, renewable diesel, and renewable naphtha. The facility will utilise vegetable oils, fats, and greases to produce cleaner fuels.
REGlobal’s Views: Plug Power is rapidly expanding its operations globally as it strives for large market share in green hydrogen space globally. This latest loan guarantee from US DOE will help the company to pursue its expansion plans in the US.
