US cutting or revising nearly $84 billion in energy loans
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FILE PHOTO: U.S. Energy Secretary Chris Wright speaks during the sixth meeting of the Transatlantic Energy Cooperation (P-TEC) in Athens, Greece, November 6, 2025. REUTERS/Louisa Gouliamaki/File Photo
WASHINGTON, Jan 22 (Reuters) - The Trump administration said on Thursday it is restructuring or eliminating nearly $84 billion in clean energy projects funded during the administration of former President Joe Biden.
The move was the latest by President Donald Trump's administration to favor fossil fuels and nuclear energy while eliminating subsidies for alternative energy like wind and solar.
The changes by the Office of Energy Dominance Financing, or EDF, come after a review of $104 billion in loans made during the Biden administration with the majority of that coming after the 2024 presidential election. The office was known then as the Loan Programs Office.
The Trump administration has canceled or is in the process of terminating nearly $30 billion in loan obligations, the department said. The cancellations include, for example, one from last year of $4.9 billion for the Grain Belt Express transmission project to send power from wind and solar energy projects to cities in the Midwest and East.
The Trump administration has eliminated about $9.5 billion in loans to wind and solar projects and where possible has replaced those by supporting new capacity at natural gas and nuclear power plants, the department said.
The department is also revising another $53.6 billion in loans.
The 2025 tax law provided the office with billions in new lending authorities, and the EDF is the world's largest energy lender with nearly $290 billion in available lending, according to the department.
Energy Secretary Chris Wright said in November the biggest use of the remaining loans will go to boost nuclear power. The department said priorities will include coal, oil, and gas, and projects on critical minerals, geothermal, the power grid and manufacturing and transportation.
(Reporting by Timothy Gardner; Editing by Lisa Shumaker)
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