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| Inspired by iconic New Deal-era posters, the Energy Department’s Loan Programs Office created its own poster series to highlight projects it helped finance through the Section 1705 program. |
Seven years ago today, President Obama signed the American Recovery and Reinvestment Act (ARRA, or the Recovery Act) into law and created the Section 1705 Loan Guarantee Program. The Recovery Act was designed to spur economic growth while creating new jobs and saving existing ones, similar to New Deal programs like the Works Progress Administration (WPA) that invested in large-scale projects such as the Hoover Dam -- the world’s largest dam at the time of its opening.
Between 2009 and 2011, the Energy Department's Loan Programs Office (LPO) guaranteed $16.1 billion in loans to 25 Recovery Act projects. These projects supported more than 10,000 jobs and have the capacity to power more than 1 million average American homes annually.
Geothermal power can play an important role in making electricity generation cleaner while maintaining reliability by balancing the variability of other emissions-free sources like solar and wind. Innovative exploration and conversion technologies can help get the most out of our nation’s substantial geothermal resources. In 2010-2011, LPO guaranteed loans through the Section 1705 program for three geothermal projects -- Blue Mountain, Ormat Nevada and USG Oregon.
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