In a significant development U.S. Energy Secretary Jennifer Granholm stated, Washington is ready to reactivate a loan program which could see more than $40 billion channelized towards clean energy.

“I am ready to rev those engines back up so that we can spur the next generation of innovation and deployment,” said Granholm during the virtually-held CERAWeek conference without offering details on when the loans would be offered.

Jigar Shah, an expert in clean energy finance, will head the department’s loan programs office, said Granholm.

Shah was earlier the co-founder and president of Generate Capital where he helped entrepreneurs speed decarbonization. He is also the founder of SunEdison – a solar energy financing company.

“He’s going to help us put together an indomitable portfolio of investments for American taxpayers, that will help us tackle climate change and create jobs,” said Granholm, who was confirmed by the Senate last week, with support from several Republicans from fossil fuel producing states.

“We’re ready to invest in advanced vehicles, carbon capture, advanced reactors, and so much more,” said Granholm.

The U.S. Energy Department’s loans office was founded with stimulus funding during the Obama Administration in 2009. Since then it has issued more than $35 billion in loans and loan guarantees which have been paid back by companies including Tesla Inc.

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