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(Bloomberg) — A $1.8 billion loan guarantee to an Arizona utility to deploy clean energy are among the projects the Energy Department has canceled following a review of loans made during former President Joe Biden’s administration, according to the department.
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The conditional loan guarantee to Arizona Public Service Company, a subsidiary of Pinnacle West Capital Corp., was granted by the Biden administration in early January 2025, but never finalized. The financing to the utility, the largest in Arizona, was earmarked for the deployment of renewable energy sources, electric transmission lines and the construction of a battery energy storage project tied to an existing solar site, according to the Energy Department. The utility didn’t immediately respond to a message seeking comment.
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The project was among some $30 billion in financing, made through the Energy Department’s Loan Programs Office, that was canceled following a Trump administration review of Biden-era deals.
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Other canceled projects on a list provided by the Energy Department were previously disclosed, including a $4.9 billion conditional commitment to Grain Belt Express LLC for the construction of a high-voltage transmission line in the Midwest, a $3 billion loan guarantee to solar developer Sunnova Energy International Inc. and a $2 billion loan commitment to electric vehicle battery part maker Redwood Materials Inc.
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Additional cancellations are in process but cannot be publicly disclosed until finalized, the Energy Department said in a statement, adding that other cancellations have not been made public.
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The Energy Department’s loan office swelled into a $400 billion green bank under Biden, who used it as a key part of his climate-fighting agenda to finance projects involving electric vehicles, nuclear power, renewables and hydrogen, among other ventures. But the program drew criticism from Donald Trump’s Energy Secretary Chris Wright, who said the department closed or offered $85 billion of financing in the final months of the Biden presidency after Trump’s election.
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While Trump once proposed killing the Energy Department program — arguing during his first term that the government had no business picking winners and losers — his administration has since renamed it the Office of Energy Dominance Financing and said it plans to tap the bank to pay for its own energy priorities, including coal, natural gas, nuclear and critical minerals.
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