PG&E (PCG) has received the finalized approval for a $15 billion loan guarantee from the Biden administration, Bloomberg News reported Friday.
The US Department of Energy had offered the financing about a month ago and its closing in such a short time makes it one of the fastest loan approvals from the Loan Programs Office, the media outlet reported, citing a statement from the department.
PG&E reportedly plans to use the funds for projects such as renovating hydropower facilities, adding battery storage, and upgrading its transmission network.
The company, which has faced higher rates due to wildfire prevention costs, expects the loan to save customers nearly $1 billion over the duration of the financing.
PG&E and the Energy Department did not immediately respond to requests for comment from MT Newswires.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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