Feinstein battles House CR bid to nix renewable loan guarantees

She calls the House bill, which is slated for a vote this week and would fund the government through September, short-sighted and noted that China is moving aggressively to finance renewables projects.

Her letter warns that under the House CR, five conditional loans already issued would have to be withdrawn, while 26 others in the final stages could not be completed. The projects combined are seeking $15.5 billion in loans to finance over $24 billion in infrastructure – projects that would employ more than 35,000 people, the letter states.

The Solar Energy Industries Association is also warning against he cuts.

“These projects represent billions of dollars of capital investment and returns to the federal government in the form of tax payments that greatly outweigh any expenditures. In addition, dozens of companies have collectively invested hundreds of millions in developing solar projects in reliance on the loan guarantee program and will likely lose the entirety of their investment and may be bankrupted if this proposal becomes law,” the group states in a Feb. 13 letter to House Speaker John Boehner (R-Ohio).