Wednesday, June 22, 2011

D.O.E. to loan $135-million to New Hampshire’s largest wind project

D.O.E. to loan $135-million to New Hampshire’s largest wind project:

The Department of Energy issued a conditional commitment of $ 135.76 million in loan guarantees to reliable granite, LLC for a 99 megawatt wind project in New Hampshire, which is estimated to involve a total investment of approximately $ 250 million.

The wind farm Granite Reliable Power will be the largest wind project in the state, and is the only project of New Hampshire Renewable Energy granted a loan commitment in stimulus funding for the Department of Energy Policy Act Section 1705 program loan guarantee.

The wind farm will be built in the central part of Coos County in northern New Hampshire. Despite being the largest county in the state, Coos County has a small and declining population, which is attributed to the weakness of the county's economy, said a study by the University of New Hampshire about the economic impact of the park farm.

The study states that the estimates for economically developable wind energy in New Hampshire range from 500 to 2,200 MW. State capacity of 25 MW is well below its potential economically feasible, the study says.

The study projects that the wind farm can generate a total income of $ 122 million for the local community within 20 years. Nearly 200 green jobs can be generated once construction begins.

"This administration is the creation of clean energy jobs in New Hampshire and in many states across the country, helping the U.S. to regain leadership in regard to the deployment of renewable energy," Energy Secretary said Steven Chu, who announced the loan commitment.

Meanwhile, Conn., developer Noble Environmental Power will install 33 Vestas V90 3 MW wind turbine wind farm. Although the turbines are already in use international commercial wind farm Granite Reliable Power will be the second wind project in the United States to deploy the turbines.

Most of the energy generated is sold to Central Vermont Public Service and Green Mountain Power.

The project can provide enough electricity to power nearly 20,000 homes, while reducing more than 124,000 metric tons of carbon dioxide emissions each year.

DOE Loan Programs Office is one of the largest financing transactions in energy projects in the world, committing nearly $ 31 million to support 29 clean energy projects and creating over 62,000 jobs in 21 states. Section 1705 of the LPO of loan guarantee programs expires on September 30. (Jen Balboa)
Read more at http://www.ecoseed.org/politics/funding-a-incentives/article/35-funding-incentives/10222-d-o-e-to-loan-$135-million-to-new-hampshire%E2%80%99s-largest-wind-project

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