US cuts or revises nearly $84 Billion in Energy Loans

The Trump administration announced on Thursday that it will be restructuring or eliminating approximately $84 billion worth of clean energy?projects which were funded by the former president Joe Biden's administration.

This is the latest move by President Donald Trump's administration in favoring fossil fuels, nuclear energy and eliminating subsidies for renewable energy sources like wind and solar.

The Office of Energy Dominance Financing (EDF) made the changes after reviewing the $104 billion worth of?loans that were made under the Biden administration. Most of these loans came?after 2024's presidential election. The office used to be called the Loan Programs Office. According to the Department, the Trump administration has cancelled or is currently terminating nearly 30 billion dollars in?loan commitments. One cancellation, which was made last year, was $4.9 billion for the Grain Belt Express Transmission Project, which would have sent power generated by wind and solar projects to cities throughout the Midwest and East.

The Trump administration has cut about $9.5 billion from loans for wind and solar power projects, and has instead supported new capacity in natural gas and nuclear plants.

The Department is also reviewing another $53.6 billion of loans.

According to the Department, the 2025 tax act provided billions of dollars in new lending authority. EDF, the world's biggest?energy lender, has nearly $290 billion available in lending. Chris Wright, Energy Secretary, said in November that the majority of the remaining loans would be used to boost nuclear energy. The Department of Energy said that coal, oil and gas will be the top priorities, as well as projects involving critical minerals, geothermal energy, manufacturing, transportation, power grid, and other areas.

(source: Reuters)