211 
cipal and interest of a loan made under 
subparagraph (A). 
(3) EQUITY
CONTRIBUTIONS.—To be eligible 
for a loan guarantee under this section, an applicant 
for the loan guarantee shall have binding commit-
ments from equity investors to provide an initial eq-
uity contribution of at least 30 percent of the total 
project cost. 
(4) APPROVAL.—An application for a loan 
guarantee under this section shall be approved or 
disapproved by the Commission not later than 90 
days after the application is received by the Commis-
sion. 
(b) GUARANTEE FEE.—The recipient of a loan guar-
antee under subsection (a) shall pay the Commission an 
amount determined by the Commission to be sufficient to 
cover the administrative costs of the Commission relating 
to the loan guarantee. 
(c) PAYMENT OF PRINCIPAL AND INTEREST; DE-
FAULT; RECOVERY OF LOSSES.—(1) With respect to any 
loan guaranteed pursuant to this section, the commission 
is authorized to enter into a contract to pay the lender 
for and on behalf of the borrower the principal and inter-
est charges which become due and payable on the unpaid 
balance of such loan if the commission finds— 
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(A) that the borrower is unable to meet prin-
cipal and interest charges, that it is in the public in-
terest to permit the borrower to continue to pursue 
the purposes of the project, and that the probable 
net cost to the Federal Government in paying such 
principal will be less than that which would result in 
the event of a default; and 
(B) that the amount of such principal and in-
terest charges which the Commission is authorized 
to pay shall be no greater than the amount of prin-
cipal and interest which the borrower is obligated to 
pay under the loan agreement shall take such action 
as may be appropriate to recover the amounts of 
such payments (including any payment of principal 
and interest under subsection (a)(2)(ii)) from such 
assets of the defaulting borrower as are associated 
with the activity with respect to which the loan was 
made or from any other surety included in the terms 
of the guarantee. 
(2) In the event of any default by a qualified borrower 
on a guaranteed loan, the Commission is authorized to 
make payment in accordance with the guarantee, and the 
Attorney General. 
(d) FULL FAITH AND CREDIT.—The full faith and 
credit of the United States is pledged to the payment of 
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all guarantees made under this section. Any such guar-
antee made by the Commission shall be conclusive evi-
dence of the eligibility of the loan for the guarantee with 
respect to principal and interest. The validity of the guar-
antee shall be incontestable in the hands of a holder of 
the guaranteed loan. 
(e) AUTHORIZATION OF APPROPRIATIONS.—The ag-
gregate amount of guarantees under this section for fiscal 
years 
2008 
through 
2017 
shall 
not 
exceed 
$200,000,000,000. 
SEC. 603. GRANT PROGRAM TO CREATE CLEAN ENERGY 
BUSINESS DISTRICTS. 
(a) IN GENERAL.—The Secretary of Energy is au-
thorized to make grants to units of State government, 
local government, private, non-profit community develop-
ment organizations, and Indian tribe economic develop-
ment entities for the purpose of building infrastructure, 
promoting and marketing centralized business district de-
velopments with a focus on the innovative clean energy 
technologies. 
(1) CONDITIONS.—The Secretary shall issue 
grants on a competitive basis for projects that will— 
(A) promote job growth and economic de-
velopment in— 
(i) rural communities; or 
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(ii) economically depressed areas, in-
cluding inner-city urban areas; 
(B) promote the deployment of innovative 
clean energy technologies with broad applica-
tions and the potential for export to developing 
countries; 
(C) create partnerships between private in-
dustry and public institutions; 
(D) provide opportunities for the develop-
ment, demonstration, and deployment of feder-
ally-funded research technologies; 
(E) promote smart growth by assuring 
that projects are located near— 
(i) residential neighborhoods; or 
(ii) affordable public transportation. 
(b) AUTHORIZATION OF APPROPRIATIONS.—For the 
purposes of this section there are authorized to be appro-
priated to the Secretary $250,000,000 for the fiscal years 
2008 through 2012. 
Subtitle B—Clean Energy Exports 
and International Investment 
SEC. 611. CLEAN ENERGY TECHNOLOGY EXPORTS PRO-
GRAM. 
(a) DEFINITIONS.—In this section: 
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(1) INTERAGENCY WORKING GROUP.—The term 
‘‘interagency working group’’ means the Interagency 
Working Group on Clean Energy Technology Ex-
ports established under subsection (b). 
(2) UNITED
STATES
CLEAN
ENERGY
TECH-
NOLOGY.—The term ‘‘United States clean energy 
technology’’ means an energy supply or end-use 
technology, including a technology using renewable 
energy sources, that— 
(A) over its lifecycle and compared to a 
similar technology already in commercial use in 
developing countries, countries in transition, 
and other partner countries— 
(i) emits substantially lower levels of 
pollutants and/or greenhouse gases; and 
(ii) may generate substantially smaller 
and/or less toxic volumes of solid or liquid 
waste; and 
(B) consists of manufactured articles, ma-
terials, and supplies produced in the United 
States substantially all from articles, materials, 
or supplies mined, produced, or manufactured 
in the United States, within the meaning of the 
Buy American Act (41 U.S.C. 10a). 
(b) INTERAGENCY WORKING GROUP.— 
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