Peter Davidson, Executive Director of the Loan Programs Office with the U.S. Department of Energy (DOE), announced he is leaving his position effective June 30.
Davidson spent more than two years as Executive Director of the LPO, in which he oversaw a portfolio of more than $30 billion in outstanding loans, loan guarantees and commitments across all electricity generating sources. He said the progress that LPO has made over the two years is what he is most proud of.
“(The program) was at a crossroads. It hadn’t closed a deal in two years when I took over,” Davidson said. “We hadn’t released any solicitations so nobody could close on new projects.”
Davidson said he believes LPO will continue to be successful and other projects will receive loan guarantees.
“The systems are working internally, and we have taken a lot of the political heat out of the deals,” Davidson said. “I’m very pleased with that.”
LPO released three solicitations in 2013 and 2014, including $8 billion available for fossil fuel loan guarantees, $4 billion for renewable energy, and $12.5 billion for advanced nuclear energy technologies.
Davidson said many of the applications have already gone through Part 1, which is the preliminary process to see if they qualify. Some of those projects have gotten letters to move on to Part 2, where the extensive due diligence happens. Some projects have even completed the entire process and received commitments, including the new nuclear builds at Plant Vogtle in Georgia and the Cape Wind offshore wind project.
Davidson actually suggested his named successor, Mark McCall, managing director and Chief Financial Officer of Lime Rock Partners.
“I’ve gotten to know him well during my time working with the Loan Programs Office and I know he will do well in the position,” Davidson said.
He said he completed his two-year commitment to the LPO and plans to spend more time with his family in New York.