Plug Power Inc. has finalized a $1.66 billion loan guarantee agreement with the U.S. Department of Energy (DOE) to support the construction of up to six green hydrogen production facilities. The agreement, completed on January 16, 2025, involves Plug Power Energy Loan Borrower LLC and the Federal Financing Bank (FFB) and includes a promissory note for up to $387.6 million to finance the development of the Limestone Project in Texas.

The DOE loan facility will fund eligible project costs for the facilities' development, with advances bearing interest at the U.S. Treasury rate plus 2%. The final maturity date for the loan is set for 2043, with repayment, including interest and principal, starting in 2028.

Plug Power will act as guarantor for the loan and adhere to financial and operational covenants specified by the DOE Loan Program. This agreement is part of the company’s efforts to enhance its domestic manufacturing and hydrogen production capacity.