The Pacific Gas and Electric Company (PG&E) on Thursday applied for a $7 billion federal loan to fund its ambitious plans curb California wildfire risk by burying power lines and upgrading the electric grid.
The request came after the California utility was invited to apply for funding from the Energy Department’s Loan Programs Office, which finances critical energy projects.
If approved, that amount would rank among the largest-ever loans from the Energy Department, which recently committed a record $9.2 billion to a Ford Motor joint venture making electric-car batteries.
A General Motors battery venture was granted a $2.5 billion loan last year.
