Powering Affordable Reliable Technology (PART) Energy Program
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AI Contract Overview
The Rural Utilities Service, under the U.S. Department of Agriculture, is launching the Powering Affordable Reliable Technology (PART) Energy Program to provide loan financing for renewable energy and energy storage projects in rural areas, using $410 million in appropriated funding from the Inflation Reduction Act of 2022. Eligible entities may apply for loans to develop power generation systems based on renewable resources or energy storage systems that support those resources, with applications accepted on a rolling basis through Letters of Interest. The program, authorized under Section 22001 of the IRA, allows for loan forgiveness of up to 40% for awardees who meet all terms and conditions. Project loans can cover up to 75% of total capitalized costs, requiring a minimum 25% cash or equity contribution from the applicant that cannot come from debt, though 100% financing is permitted for projects in SUTA areas under existing authority. System loans for energy storage may cover up to 100% of project costs, reflecting flexible support for critical infrastructure needs. The Administrator retains discretion to adjust the available funding based on application volume and quality, and interested parties must engage through the designated point of contact for inquiries and submissions.
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Full Description
The Rural Utilities Service (RUS or the Agency), a Rural Development (RD) Agency of the United States Department of Agriculture (USDA), is soliciting Letters of Interest (LOI) for loan Applications, announcing the Application process for those loans, and providing deadlines for Applications from eligible entities under the Powering Affordable Reliable Technology (PART) Energy Program. These loan funds will be made to qualified PART Applicants to finance power generation Projects for Renewable Energy Resource (RER) systems or Energy Storage Systems (ESS) that support RER Projects. The PART Program is making approximately $410 million in appropriated budget authority (BA) funding available under the Inflation Reduction Act of 2022 (IRA). RUS will process and evaluate complete LOI on a rolling basis in the order they are received.
The PART Program is to be carried out by the RUS pursuant to Section 22001 of the IRA. Section 22001 of the IRA amends Section 9003 of the Farm Security and Rural Investment Act of 2002 by adding new subsection (h). Section 22001 of the IRA provides RUS with appropriated funds “for the cost of loans under Section 317 of the RE Act.” Additionally, Section 22001 of the IRA provides that PART funds may be utilized to finance Projects that store electricity generated from eligible energy sources listed under Section 317 of the RE Act. These Project Loans or System Loans will be forgiven up to forty percent (40%), provided the Awardee and the Project otherwise meet the terms and conditions of the loan forgiveness. Approximately $410 million in budget authority is being made available under this Notice. The Administrator reserves the right to increase this funding level should additional funds become available or reduce funding in the event an insufficient number of high-quality projects are submitted for consideration.
Cost Sharing or Matching:
(a) Project Loans. Awards will finance up to 75% of the total capitalized costs of a Project. Awardees will be required to provide at least 25% of the Project’s total capitalized cost in the form of cash or equity investments, which may not be derived from debt instruments. However, the Agency may utilize its authority under Section 306F of the RE Act and finance up to 100% of the costs of the Projects benefiting SUTA areas.
(b) System Loans. PART System Loans may cover up to 100% of the total costs of the Project.
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