US DOE loan office to back first-of-its-kind hydrogen project with a half-billion-dollar guarantee

The U.S. Department of Energy’s Loan Programs Office has issued a conditional commitment to provide $504.4 million in debt financing on what could be the world’s largest industrial green hydrogen production and storage facility.

The Advanced Clean Energy Storage hydrogen hub, located in Delta, Utah, was announced in May 2019, and within three years is in the final stages of debt and equity closing.

The hub will initially be designed to convert renewable energy through 220 MW of electrolyzers to produce up to 100 metric tons of green hydrogen per day, which will then be stored in two salt caverns each capable of storing 150 GWh of energy.

The project is the third loan guarantee from the Biden administration, which has struggled to get its climate priorities through Congress but has tens of billions in loan authority to back innovative clean energy projects at the Department of Energy.

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