The US Government has unveiled a draft plan for up to $4 billion (£2.4bn) in loan aid for innovative green projects that avoid or cut greenhouse gas emissions.

The Renewable Energy and Efficient Energy Projects Loan Guarantee is aimed at helping companies commercialise their technologies – which can be replicable and are market ready – that may be unable to get full commercial financing.

While any project that meets the eligibility requirements is eligible to apply, the Department of Energy has identified five key technology areas of interest: advanced grid integration and storage, drop-in biofuels, waste-to-energy, enhancement of existing facilities and efficiency improvements.

Energy Secretary Ernest Moniz said: “Through our existing renewable energy loan guarantees, the Department’s Loan Programs Office helped launch the US utility-scale solar industry and other clean energy technologies that are now contributing to our clean energy portfolio. We want to replicate that success by focusing on technologies that are on the edge of commercial-scale deployment today.”