Trump Administration Cancels Nearly $30 Billion in Biden-Era Energy Loans, Revises Additional $53 Billion
The Trump administration has canceled nearly $30 billion in loans from the Energy Department's green bank, initiated under the Biden administration, and plans to revise an additional $53 billion in funding. The changes will redirect approximately $9.5 billion from wind and solar projects to support natural gas and nuclear initiatives. Notable cancellations include significant loan guarantees for Sunnova Energy and the Grain Belt Express transmission line, as the administration focuses on utilizing remaining loan authority for nuclear, geothermal, and critical minerals projects.
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The Trump administration is canceling nearly $30 billion in loans from the Energy Department's green bank, following a review of transactions approved under former President Biden. The Energy Department's Loan Programs Office, now the Office of Energy Dominance Financing, plans to revise an additional $53 billion in funding.
Approximately $9.5 billion for wind and solar projects will be redirected toward natural gas and nuclear initiatives. Since the review began, over $29.9 billion in Biden-era loans have been canceled or are in the process of being scrapped, while another $53.6 billion is expected to proceed with modifications.
Some notable cancellations include a $2.92 billion loan guarantee for Sunnova Energy and a $4.9 billion guarantee for the Grain Belt Express transmission line. The administration aims to utilize the remaining $289 billion in loan authority for nuclear, geothermal, and critical minerals projects.
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