For Immediate Release
July 29, 2022
Contact:
Manu Tupper or Mike Inacay (Schatz) at press@indian.senate.gov
Schatz: New Direct Loans Will Bolster Tribal Energy Development
WASHINGTON – U.S. Senator Brian Schatz (D-Hawai‘i), chairman of the Senate Committee on Indian Affairs, released the following statement on the Department of Energy’s (DOE’s) announcement of new direct loans for Tribal energy development, as authorized under the Consolidated Appropriations Act, 2022.
“Energy is a significant and growing economic powerhouse for many Tribes, which is why Congress acted to open up Tribal access to lower interest rates and more capital for energy projects,” said Chairman Schatz. “Today’s announcement is the next step in advancing Tribal energy development. I look forward to building on this progress through the Inflation Reduction Act of 2022, which includes additional funding and loan guarantees to support energy development for Tribes.”
DOE published a supplement to the Tribal Energy Loan Guarantee Program (TELGP) solicitation to implement the new direct lending authority. The solicitation update provides eligible Tribes and other organizations the ability to apply for direct loans for eligible energy projects through the U.S. Treasury’s Federal Financing Bank. More information on the TELGP can be found here.
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