Biden Administration Races to Finalize Green Energy Loans Before Transition

The Biden administration is preparing to finalize billions of dollars in financing for electric-vehicle maker Rivian Automotive Inc. (RIVN) and hydrogen manufacturer Plug Power Inc. (PLUG) before the incoming Trump administration assumes office next week, according to sources familiar with the matter.
The U.S. Department of Energy (DOE) is expected to announce these loans as early as Thursday. The funding includes a $1.7 billion loan guarantee for Plug Power to build hydrogen plants critical to its growth plans. Additionally, the DOE is set to close a federal loan for Rivian to construct a manufacturing facility in Georgia. While the exact amount of the Rivian loan remains unclear, sources suggest it will be close to the $6.6 billion conditional commitment announced by the administration in November.
Key Investments in Clean Energy
These loans are part of the Biden administration’s efforts to bolster green energy initiatives through the DOE’s Loan Programs Office, which evolved into a $400 billion “green bank” under Biden’s presidency. The program has been instrumental in supporting clean energy projects, including electric vehicles and hydrogen technology, as part of the administration’s broader climate agenda.
Plug Power’s loan will help the Latham, New York-based company expand its hydrogen infrastructure, while Rivian’s federal funding will support the construction of a state-of-the-art manufacturing plant in Georgia, aimed at scaling up electric vehicle production.
Neither the Energy Department nor the companies have commented on the matter.
Trump Administration’s Opposition
The incoming Trump administration poses significant challenges to these initiatives. During his first term, Trump sought to eliminate the DOE’s loan program and redirect its focus toward fossil fuels and other energy sources favored by Republicans.
This time, Trump’s transition team appears intent on scrutinizing and potentially rescinding last-minute Energy Department loans. Vivek Ramaswamy, one of the leaders of Trump’s “Department of Government Efficiency,” has already criticized the $6.6 billion loan commitment to Rivian and pledged to revisit the program’s activities.
A Race Against Time
With the Trump administration set to take power on Monday, the Biden administration’s push to finalize these loans underscores its commitment to securing funding for key clean energy projects before the program faces potential dismantling or redirection.
As the political landscape shifts, the future of these initiatives—and the broader U.S. green energy agenda—hangs in the balance.