DOE finalizes $170 million loan to Granite Reliable Power
Project sponsors, BAIF Granite Holdings and Freshet Wind Energy, expect the project will fund nearly 200 construction jobs
Washington, D.C., September 26, 2011 — U.S. Energy Secretary Steven Chu announced the Department of Energy finalized a partial guarantee for $168.9 million loan to Granite Reliable Power. The loan guarantee will support a 99 MW wind generation project that will be New Hampshire's largest wind farm.
The wind generation project will consist of 33 Vestas V90 3.0-MW wind turbines. It is expected to generate enough electricity to power nearly 20,000 homes and avoid over 124,000 metric tons of carbon dioxide annually.
The majority of the power from the project will be sold to Central Vermont Public Service and Green Mountain Power. WestLB AG is the lender-applicant for the project, which was submitted under the Financial Institution Partnership Program. In a FIPP financing, DOE provides a partial guarantee for up to 80 percent of a loan provided to a renewable energy project by qualified financial institutions.