USDA awards loan guarantees for biomass power projects
The USDA announced loan guarantees to support three biomass power plants in October. The funding was awarded under USDA Rural Development’s Rural Utilities Service. The program aims to help electric utilities upgrade, expand, maintain and replace rural energy infrastructure. It also funds renewable energy and energy conservation projects.
Colorado-based Eagle Valley Clean Energy LLC was awarded a $40 million loan guarantee to partially finance an 11.5 MW biomass power plant. Green Energy Team LLC in Hawaii was awarded a $72.88 million loan guarantee to support the development of a 7.5 MW biomass power plant. Finally, East Texas Electric Cooperative Inc. was awarded a $151 million loan guarantee to develop a 50 MW biomass power plant. All awards are contingent on the recipients meeting the terms of their loan agreements.