03:41 AM EST, 12/18/2024 (MT Newswires) -- (Updates throughout with a statement from the US Department of Energy.)

PG&E ( PCG ) is being awarded an up to $15 billion low-interest loan commitment to finance projects to fight the impact of climate change and improve the electrical grid, the US Department of Energy said Tuesday.

The conditional commitment is earmarked for projects to bolster hydroelectric power facilities and upgrade power lines to accommodate renewable energy infrastructure, data centers, and electric vehicles, The Wall Street Journal reported.

Both the government and the company "must satisfy certain technical, legal, environmental, and financial conditions before the department enters into definitive financing documents and funds the loan," the DoE said.

As part of the arrangement, PG&E ( PCG ) will partner with the International Brotherhood of Electrical Workers union to train and hire "members of underserved groups interested in operational roles," the DoE said.

PG&E ( PCG ) did not immediately reply to MT Newswires' request for comment.