On May 16, 2023, in a Notice of Funding Opportunity, USDA announced its intent to solicit Letters of Interest (LOI) for loan applications under the Powering Affordable Clean Energy (PACE) Program, authorized under IRA section 22001, which makes $1 billion available in loans to renewable energy developers and electric service providers, to provide financing for utility scale solar, wind, geothermal, biomass, and hydropower projects and storage of renewable energy.
A July 5, 2023 notice announced a new requirement to submit an Application for Federal Assistance as part of the LOI, introduced an opportunity for applicants to request Agency assistance prior to submission of an LOI if made before September 22, 2023, and pushed back the opening date for accepting LOI submissions from June 30, 2023, to July 10, 2023. Letters of Interest will be accepted until September 29, 2023 at 11:59pm ET.
Opportunities for Participation and Additional Resources:
- July 5, 2023 Announcement of Online Application Opening: https://www.federalregister.gov/documents/2023/07/05/2023-14266/powering-affordable-clean-energy-pace-program
- May 16, 2023 Notice of Funding Opportunity: https://www.federalregister.gov/documents/2023/05/16/2023-10388/notice-of-funding-opportunity-for-the-powering-affordable-clean-energy-pace-program