Biden’s Energy Loan Czar Was a Major Investor in a Near-Bankrupt Energy Company. That Company Is Set To Receive $1.5 Billion From His Office

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Biden energy loan czar Jigar Shah was a major investor in a struggling green energy company that is in advanced talks to receive a $1.5 billion loan from his office.

 

The Department of Energy’s loan office, where Shah serves as director, is working to fast-track the funding to Plug Power, a hydrogen fuel company on the brink of bankruptcy. But the ties between Plug Power and Shah could add to concerns from lawmakers about conflicts of interest in the federal loan program.

Securities and Exchange Commission records detail a long-standing financial relationship between Plug Power and Generate Capital, an investment firm that Shah founded before joining the Biden administration in 2021. Shah sold his shares in Generate when he entered the government, according to federal disclosure records.

Under Shah’s leadership, Generate loaned over $100 million to Plug Power—one of the firm’s crowning investments, according to its website.