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Tesla Motors has announced it will repay the loans to the U.S. Energy Department five years ahead of schedule in a plan approved by the government.

Tesla Motors received $465 million in loans to develop and build electric cars. According to the carmaker’s annual report, the U.S. Energy Department has approved amended terms of the loan agreements that enable it to complete repayment by December 2017.

Starting in 2015, Tesla will make accelerated payments from excess free cash flow, Chief Financial Officer Deepak Ahuja told Bloomberg. “Any remaining balance that’s there at the end of 2017 we’ll pay off as a balloon payment,” Ahuja said.

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