June 23 (Bloomberg) -- Renewable energy loan guarantees of as much as $18.6 billion will begin to be delivered in July, said David Frantz, director of the program at the U.S. Energy Department.

Energy Department officials are preparing to release rules for solar, wind and geothermal energy developers seeking the funds by next month, Frantz said today at the Renewable Energy Finance Forum in New York.

Funding from the program, a part of the Obama administration’s $787 billion economic stimulus package, has been delayed as the agency seeks to streamline the application process and hire investment bankers and lawyers to help analyze them, he said.

“We’re just in the process of launching,” Frantz said. “We think this will be a very important part of getting the money out as quickly as we can.”

Wind energy developers that have dominated the renewable energy sector, such as FPL Energy Group Inc. and General Electric Co., may get the bulk of the initial funding.

“Wind will probably be a very big part of our new program,” Frantz said.

To contact the reporter on this story: Christopher Martin in New York at cmartin11@bloomberg.net.

Last Updated: June 23, 2009 11:33 EDT