04:57 PM EST, 01/17/2025 (MT Newswires) -- (Updates with additional details throughout the article.)

PG&E ( PCG ) has received the finalized approval for a $15 billion loan guarantee from the Biden administration, according to the US Department of Energy's statement Friday.

The Energy Department had offered the financing about a month ago and its closing makes it the only Energy Infrastructure Reinvestment project to reach financial close under the Loan Programs Office flexible loan facility, the statement added.

PG&E ( PCG ) will use the funds for projects such as expanding hydropower facilities, adding battery storage, and upgrading its transmission network, according to the statement.

The company, which has faced higher rates due to wildfire prevention costs, expects the loan to save customers nearly $1 billion over the duration of the financing, Bloomberg reported earlier.