Latest news with #windenergy
Yahoo
4 hours ago
- Business
- Yahoo
Trump administration canceled a $4.9B loan guarantee for a line to deliver green power
TOPEKA, Kan. (AP) — The Trump administration on Wednesday canceled a $4.9 billion federal loan guarantee for a new high-voltage transmission line for delivering solar and wind-generated electricity from the Midwest to the eastern U.S. The U.S. Department of Energy declared that it is "not critical for the federal government to have a role' in the first phase of Chicago-based Invenergy's planned Grain Belt Express. The department also questioned whether the $11 billion project could meet the financial conditions required for a loan guarantee. President Donald Trump has repeatedly derided wind and solar energy as 'unreliable' and opposed efforts to combat climate change by moving away from fossil fuels. The Department of Energy also said Wednesday that the conditional commitment to Invenergy in November was among billions of dollars' worth of commitments "rushed out the doors" by former President Joe Biden's administration after Biden lost the election. 'To ensure more responsible stewardship of taxpayer resources, DOE has terminated its conditional commitment,' the agency said in a statement. It wasn't immediately clear how much the department's action would delay or stop the start of construction, which was set to begin next year. The company's representatives didn't immediately respond to emails Wednesday seeking comment The company has said its project would create 4,000 jobs and new efficiencies in delivering power, and that it would save consumers $52 billion over 15 years. The line would deliver electricity from Kansas across Missouri and Illinois and into Indiana, connecting there to the power grid for the eastern U.S. It could deliver up to 5,000 megawatts of electricity. "When electricity demand and consumer power bills are soaring, it's hard to imagine a more backward move,' said Bob Keefe, executive director of E2, a nonpartisan, Washington-based group supporting renewable energy. Keefe called the Grain Belt Express 'one of the country's most important energy projects' and suggested Trump canceled the loan guarantee 'just because it will bring cleaner energy to more people.' But two prominent Missouri Republicans, U.S. Sen. Josh Hawley and state Attorney General Andrew Bailey, are vocal critics of the project, describing it as a threat to farmland and land owners' property rights. Bailey called the project a 'scam' and a 'boondoggle.' Hawley said on July 10 that he had secured a pledge from U.S. Energy Secretary Chris Wright to cancel the loan guarantee in a conversation with him and Trump. Critics like Hawley object to the company's ability to use lawsuits against individual land owners along the line's route to compel them to sell their property, which Hawley called 'an elitist land grab.' Online court records show that the company filed dozens of such lawsuits in Missouri circuit courts in recent years, and the Missouri Farm Bureau's president posted on the social platform X Wednesday that the project threatened to 'sacrifice rural America in the name of progress.' Democrats on the U.S. Senate's energy committee suggested on X that Trump, Wright and Hawley 'just killed" the project, but Invenergy announced in May that it had awarded $1.7 billion in contracts for work on the project. And Bailey suggested in a statement that the project could still go forward with private funding without the loan guarantee, saying, 'If Invenergy still intends to force this project on unwilling landowners, we will continue to fight every step of the way.' John Hanna, The Associated Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
4 hours ago
- Business
- Associated Press
Trump administration canceled a $4.9B loan guarantee for a line to deliver green power
TOPEKA, Kan. (AP) — The Trump administration on Wednesday canceled a $4.9 billion federal loan guarantee for a new high-voltage transmission line for delivering solar and wind-generated electricity from the Midwest to the eastern U.S. The U.S. Department of Energy declared that it is 'not critical for the federal government to have a role' in the first phase of Chicago-based Invenergy's planned Grain Belt Express. The department also questioned whether the $11 billion project could meet the financial conditions required for a loan guarantee. President Donald Trump has repeatedly derided wind and solar energy as 'unreliable' and opposed efforts to combat climate change by moving away from fossil fuels. The Department of Energy also said Wednesday that the conditional commitment to Invenergy in November was among billions of dollars' worth of commitments 'rushed out the doors' by former President Joe Biden's administration after Biden lost the election. 'To ensure more responsible stewardship of taxpayer resources, DOE has terminated its conditional commitment,' the agency said in a statement. It wasn't immediately clear how much the department's action would delay or stop the start of construction, which was set to begin next year. The company's representatives didn't immediately respond to emails Wednesday seeking comment The company has said its project would create 4,000 jobs and new efficiencies in delivering power, and that it would save consumers $52 billion over 15 years. The line would deliver electricity from Kansas across Missouri and Illinois and into Indiana, connecting there to the power grid for the eastern U.S. It could deliver up to 5,000 megawatts of electricity. 'When electricity demand and consumer power bills are soaring, it's hard to imagine a more backward move,' said Bob Keefe, executive director of E2, a nonpartisan, Washington-based group supporting renewable energy. Keefe called the Grain Belt Express 'one of the country's most important energy projects' and suggested Trump canceled the loan guarantee 'just because it will bring cleaner energy to more people.' But two prominent Missouri Republicans, U.S. Sen. Josh Hawley and state Attorney General Andrew Bailey, are vocal critics of the project, describing it as a threat to farmland and land owners' property rights. Bailey called the project a 'scam' and a 'boondoggle.' Hawley said on July 10 that he had secured a pledge from U.S. Energy Secretary Chris Wright to cancel the loan guarantee in a conversation with him and Trump. Critics like Hawley object to the company's ability to use lawsuits against individual land owners along the line's route to compel them to sell their property, which Hawley called 'an elitist land grab.' Online court records show that the company filed dozens of such lawsuits in Missouri circuit courts in recent years, and the Missouri Farm Bureau's president posted on the social platform X Wednesday that the project threatened to 'sacrifice rural America in the name of progress.' Democrats on the U.S. Senate's energy committee suggested on X that Trump, Wright and Hawley 'just killed' the project, but Invenergy announced in May that it had awarded $1.7 billion in contracts for work on the project. And Bailey suggested in a statement that the project could still go forward with private funding without the loan guarantee, saying, 'If Invenergy still intends to force this project on unwilling landowners, we will continue to fight every step of the way.'
Reuters
6 hours ago
- Business
- Reuters
Trump axes loan for Grain Belt power transmission project
WASHINGTON, July 23 (Reuters) - The administration of President Donald Trump on Wednesday axed a loan guarantee for the Grain Belt Express transmission project to send power from wind and solar energy projects in Kansas to cities in the Midwest and East. American farmers had opposed the conditional $4.9 billion loan guarantee that was initiated by the administration of former President Joe Biden, mainly due to the Grain Belt filing dozens of eminent domain, or compulsory acquisition, petitions against state landowners. The 800-mile (1,290 km) project, backed by private company Invenergy, was described by the company as the second-longest transmission line in U.S. history and a national "energy security backbone" that would connect four grid regions, including the PJM Interconnection, the largest U.S. grid spanning states from Illinois to New Jersey. The Department of Energy's Loan Programs Office, or LPO, issued the conditional loan guarantee in November. The department said in a release on Wednesday it found the conditions necessary to issue the guarantee were unlikely to be met and "it is not critical for the federal government to have a role in supporting this project." Invenergy did not immediately respond to a request for comment. The project would also have supported Trump's "energy dominance" policy of maximizing energy output. The White House on May 9 had praised a $1.7 billion Invenergy investment in the project in a "list of wins" that bolster the U.S. economy and enhance national security. But Grain Belt also jarred with the administration's opposition to renewable energy sources, which it views as unreliable and expensive compared to fossil fuels. Trump only tapped the LPO for nuclear power in his first term. The Energy Department has said it is reviewing loans, including the $85 billion in closed loans and conditional commitments LPO made between the day Trump won the election in November to the day he came back into office in January.
Yahoo
7 hours ago
- Business
- Yahoo
Roth Capital Lifts Price Objective on ReNew Energy Global (RNW) Stock
ReNew Energy Global Plc (NASDAQ:RNW) is one of the Best Indian Stocks to Buy for Next 5 Years. Roth Capital lifted the price objective on the company's stock to $8 from $7.50, while keeping a 'Buy' rating, as reported by The Fly. This comes after a consortium of investors announced a plan to raise the offer price for ReNew Energy Global Plc (NASDAQ:RNW) to $8.00 per share from $7.07 per share offer. The firm opines that the proposal is more likely to be acceptable to investors, considering the higher premium. A wind turbine on a hilltop, surrounded by grass and blue sky. ReNew Energy Global Plc (NASDAQ:RNW) announced its unaudited consolidated IFRS results for Q4 2025 and FY 2025. It registered its second consecutive year of profit since listing, with commissioned capacity increasing 12.4% YoY to ~10.7 GWs (net of 300 MWs of assets sold during FY 2025) as at March 31, 2025. Subsequent to the fiscal year-end, ReNew Energy Global Plc (NASDAQ:RNW) commissioned 466 MWs, of which 436 MWs is solar and 30 MWs is wind. This took the total commissioned capacity to ~11.2 GWs. ReNew Energy Global Plc (NASDAQ:RNW) saw a 4x jump in Q4 2025 net profit, thanks to the robust growth in the manufacturing business. Notably, its net profit for Q4 2025 came in at INR 3,137 million (US$ 37 million) as compared to INR 609 million (US$ 7 million) for Q4 2024. ReNew Energy Global Plc (NASDAQ:RNW) is engaged in generating power via non-conventional and renewable energy sources in India. While we acknowledge the potential of RNW as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 13 Cheap AI Stocks to Buy According to Analysts and 11 Unstoppable Growth Stocks to Invest in Now Disclosure: None. This article is originally published at Insider Monkey. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
8 hours ago
- Business
- Bloomberg
Trump Pulls $4.9 Billion in Financing for Contested Power Line
The Trump administration is canceling $4.9 billion in federal financing for a US transmission project that's faced backlash from Republican lawmakers over ties to wind energy. Financing for the high-voltage transmission line, which would span from Kansas to Missouri, was initially offered under President Joe Biden. The Energy Department said that the conditional commitment made in November for the Grain Belt Express LLC project was 'rushed out the door in the final days of the Biden administration.'
