PG&E (PCG) is being awarded a $15 billion low-interest loan commitment to finance hundreds of projects to fight the impact of climate change and improve the electrical grid, the Wall Street Journal reported Tuesday, citing people familiar with the matter.
The Department of Energy loan is earmarked for projects to bolster hydroelectric power facilities and upgrade power lines to accommodate renewable energy infrastructure, data centers, and electric vehicles, the report said.
The Journal described the loan commitment as the largest in the department loan office's history. The deal is planned to close before President-elect Donald Trump assumes office and can't be reversed because it is a legally binding contract, the report said.
PG&E and the Department of Energy did not immediately reply to MT Newswires' requests for comment.
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