The US Department of Energy (DOE) has announced it will grant a loan of up to US$4.9bn for the development of the 2.5 GW first phase of the Grain Belt Express inter-regional renewable energy transmission project. The loan guarantee consists of US$4.4bn in principal and US$470m in capitalised interest.
The high voltage direct-current (HVDC) project, developed by Invenergy, will span 930 km and link the central US States of Kansas and Missouri. Regulators in both states have approved the project’s first phase, which will connect three regional grids: the Southwest Power Pool (SPP), the Midcontinent Independent System Operator (MISO), and Associated Electric Cooperative Incorporated (AECI).
Invenergy must satisfy certain technical, legal, environmental, and financial conditions before the DOE enters definitive financing documents and funds the loan guarantee. The project is targeting to begin construction at the start of 2025.