The US Department of Energy (DOE) says it is seeking more private sector participation to speed up the financing of conventional renewable energy generation projects.

The DOE will provide $750m in funds under the American Recovery and Reinvestment Act to help develop these renewable energy projects.

The funds include the cost of loan guarantees, which could provide $4 to $8bn in lending to eligible projects.

The department has created the Financial Institution Partnership Program (FIPP), a set of standards to help leverage private sector expertise and capital for the efficient financing of eligible projects and to accelerate DOE’s loan guarantee underwriting process.

FIPP hopes to leverage the private sector financial institute’s human and financial capital by speeding up the processing of loan applications and balancing risk between the DOE and private sector partners involved in the programme.