Fiscal Year 2023 marked a second consecutive year of growth for LPO's portfolio as increased applicant interest and origination activity continued.
March 20, 2024
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Fiscal Year (FY) 2023 marked a second consecutive year of growth for the U.S. Department of Energy (DOE) Loan Programs Office (LPO) portfolio as increased applicant interest and origination activity continued.
President Biden's Bipartisan Infrastructure Law (BIL) and Inflation Reduction Act (IRA) greatly increased LPO’s ability to finance projects in energy technology, transportation, and critical infrastructure in the United States. LPO has moved diligently and thoughtfully to implement these changes in an effective manner that fulfills the mission of the office while protecting taxpayer resources.
FY 2023 showed what this new era of opportunities for federal support for low-carbon innovation and new avenues of economic growth can look like. In FY 2023, LPO closed two deals totaling over $5 billion and made conditional commitments to seven prospective borrowers totaling nearly $14 billion.
Read the full report or view the presentation deck to learn more:
LPO FY 2023 Annual Portfolio Status Report
LPO FY 2023 Annual Portfolio Status Report's Presentation Deck
Jigar Shah
Former Director, Loan Programs Office
Jigar Shah served as Director of the Loan Programs Office (LPO) at the U.S. Department of Energy (DOE) from March 2021 to January 2025. He led and directed LPO’s loan authority to support deployment of innovative clean energy, advanced transportation, and Tribal energy projects in the United States. Prior, Shah was co-founder and President at Generate Capital, where he focused on helping entrepreneurs accelerate decarbonization solutions through the use of low-cost infrastructure-as-a service financing. Prior to Generate Capital, Shah founded SunEdison, a company that pioneered “pay as you save” solar financing. After SunEdison, Shah served as the founding CEO of the Carbon War Room, a global non-profit founded by Sir Richard Branson and Virgin Unite to help entrepreneurs address climate change.
Shah was also featured in TIME's list of the "100 Most Influential People" in 2024.
Originally from Illinois, Shah holds a B.S. from the University of Illinois-UC and an MBA from the University of Maryland College Park.