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Wind farm gets federal loan guarantee  

Credit:  The Berlin Sun | Sep 27, 2011 | www.conwaydailysun.com ~~

PHILLIPS BROOK – The federal Department of Energy has finalized a partial guarantee for a $168.9 million loan to Granite Reliable Power for the 99-megawatt wind farm under construction in the Phillips Brook watershed.

The European commercial bank WestLB AG is the lender-applicant for the project. The DOE Financial Institution Partnership Program provides a partial guarantee for up to 80 percent of a loan provided to a renewable energy project by qualified financial …

PHILLIPS BROOK – The federal Department of Energy has finalized a partial guarantee for a $168.9 million loan to Granite Reliable Power for the 99-megawatt wind farm under construction in the Phillips Brook watershed.

The European commercial bank WestLB AG is the lender-applicant for the project. The DOE Financial Institution Partnership Program provides a partial guarantee for up to 80 percent of a loan provided to a renewable energy project by qualified financial institutions.

North Country residents this summer have gotten used to seeing the 33 Vestas wind turbines components traveling by tractor-trailer through the region to the construction site. Project sponsors, BAIF Granite Holdings, LLC and Freshet Wind Energy, estimate nearly 200 construction jobs will be created. They also report over a dozen local contractors have been hired to work on the project.

When complete, the wind farm will be the largest in New Hampshire. It is expected to supply enough energy to power nearly 20,000 homes and avoid over 124,000 metric tons of carbon dioxide annually. The majority of the power produced will be sold to Central Vermont Public Service and Green Mountain Power.

“Today’s investment brings new jobs to New Hampshire and supports the commercial-scale deployment of clean energy technologies in the U.S.,” said U.S. Energy Secretary Steven Chu, in a press release issued Friday. “America’s wind energy resources are abundant, clean, and mostly untapped. Continued investments in this source of emissions-free energy will strengthen the economy, create good American jobs and help the nation compete with other countries that are quickly scaling up wind power generation.”

Source:  The Berlin Sun | Sep 27, 2011 | www.conwaydailysun.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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