WASHINGTON—The U.S. Department of Energy (DOE) announced today that the Office of Energy Dominance Financing (EDF) is restructuring, revising, or eliminating more than $83 billion in Green New Scam loans and conditional commitments from the Biden-era loan portfolio. This action follows an exhaustive first-year review of the previous administration’s $104 billion principal loan obligations, including approximately $85 billion rushed out the door in the final months after Election Day.
Previously known as the Loan Programs Office (LPO), EDF continues to reform the office to more responsibly steward taxpayer dollars and support financing opportunities that accelerate the deployment of affordable, reliable, and secure American energy. During the first year of the Trump administration, EDF conducted a thorough review of each borrower to ensure loans were a responsible investment of taxpayer dollars and aligned with the Administration’s priorities.
“Over the past year, the Energy Department individually reviewed our entire loan portfolio to ensure the responsible investment of taxpayer dollars,” Secretary Wright said. “We found more dollars were rushed out the door of the Loan Programs Office in the final months of the Biden Administration than had been disbursed in over fifteen years. President Trump promised to protect taxpayer dollars and expand America’s supply of affordable, reliable, and secure energy. Thanks to the Working Families Tax Cut, the newly re-structured Energy Dominance Financing is playing a key role in fulfilling that mission.”
EDF has eliminated around $9.5 billion in government-subsidized, intermittent wind and solar projects, and is replacing them with investments in natural gas and nuclear uprates that provide more affordable and reliable energy for the American people. Of the $104 billion in Biden-era principal loan obligations, EDF has completed or is in the process of de-obligating almost $30 billion, with another $53 billion in revision.
EDF currently has more than $289 billion in available loan authority, including in the Energy Dominance Financing Program with expanded eligibility criteria thanks to President Trump’s Working Families Tax Cut. This funding makes EDF the largest energy lender in the world. EDF has re-structured around a foundational mission to lower electricity prices, empower the private sector to invest in the future, help win the AI race, strengthen American industry, and restore American Energy Dominance.
For more information from EDF, click here.
###
