Mitsubishi Power Americas and Magnum Development, co-developers of the Advanced Clean Energy Storage Joint Venture (ACES Delta) in Millard County, have announced the closing of a $504.4 million loan guarantee from U.S. Department of Energy’s (DOE) Loan Programs Office to the project. DOE’s loan is its first in more than 10 years for a renewable energy project, the release said.
In April, DOE issued a condition commitment to the ACES Delta project and the loan closed on June 3. “The Advanced Clean Energy Storage team, with its world-class industry partners, is excited to secure this loan by DOE to develop the first phase of the world’s largest renewable hydrogen energy hub,” said Michael Ducker, senior vice president of hydrogen infrastructure for Mitsubishi Power Americas and president of ACES I. “This step creates a path to accelerate the long-term hydrogen market and clean energy landscape to expand decarbonization across the United States.”