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President Joe Biden’s administration has rushed through US$38 billion in loan commitments since the election on November 5, an estimated 50% of all awards issued during Biden’s presidency.
Analysis by the Financial Times estimates five of the new loan commitments are among the largest awards in the history of the programme, including:
- US$15bn loan to utility Pacific Gas & Electric for infrastructure investments, the largest on record
- US$7.54bn loan to Samsung and Stellantis’s battery plant in Indiana
- US$6.57bn loan to electric vehicle start-up Rivian for a factory in Georgia
- US$4.9bn loan to renewables giant Invenergy to build a transmission line
Vivek Ramaswany, co-chair of the incoming Trump administration’s Department of Government Efficiency (DOGE) with Elon Musk, has criticised the loans:
“Biden’s midnight spending spree is illegitimate & should be rescinded… DOGE will carefully scrutinize every one of these questionable 11th-hour transactions, starting on Jan 20”
— Vivek Ramaswany, co-chair of the incoming Trump administration’s Department of Government Efficiency (DOGE) with Elon Musk
Some of the companies who have secured loans have reportedly brushed off concerns the incoming Trump administration may find ways to rescind the loans, with a significant volume of clean energy investment headed to Republican-led states and escalating tensions between the US and China.
All of these cleantech investments will need critical minerals to build out.
Our latest analysis on what Trump’s election victory means for mining in the US:
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