The Department of Energy closed a massive loan guarantee Friday with Pacific Gas & Electric, one of the largest investor-owned utilities in the U.S. that serves roughly 16 million people in California.
The $15 billion package will help support PG&E projects on batteries, transmission upgrades, virtual power plants and hydropower production. It came just days ahead of President Donald Trump’s inauguration on Monday.
The investments are designed to “help PG&E meet forecasted load growth, increase electric reliability, and reduce costs for its consumers across California,” DOE said in a news release.
DOE’s Loan Programs Office proposed the loan guarantee in December. The closing Friday means the Trump administration will likely service the loan guarantee in the months and years ahead.
