The Biden administration's $15 billion loan guarantee to PG&E is the largest in the US Energy Department's history, designed to upgrade California's power infrastructure and meet rising demand.
This financing marks one of the fastest closings ever for the Loan Programs Office, thanks to the new loan program created in Biden's climate law, the Inflation Reduction Act.
PG&E's loan will finance projects such as refurbishing hydropower plants and upgrading transmission lines, ultimately leading to nearly $1 billion in savings for its customers.
While Trump's administration may roll back clean energy policies, this deal emphasizes Biden's commitment to tackle climate change and modernize energy infrastructure before leaving office.
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