Loan Guarantees Finalized for Bio-Refinery, Geothermal, and Wind Projects
September 28, 2011
DOE announced on September 23 that it had finalized three loan guarantees totaling $625 million in support of a biorefinery in Iowa, a geothermal power project in Nevada, and New Hampshire's largest wind farm.
POET's Project LIBERTY, supported by a $105 million guarantee, will be built in Emmetsburg, Iowa. It is expected to produce up to 25 million gallons of ethanol per year. POET estimates the project will fund approximately 200 construction jobs and 40 permanent jobs. It is also expected to generate about $14 million in new revenue to area farmers who will provide the corn crop residue. The project's innovative process uses enzymes to convert cellulose from corncobs, corn leaves, and corn husks into ethanol. See the DOE press release.
The Nevada project, supported by a $350 million loan guarantee to Ormat Nevada, Inc., is expected to produce up to 113 megawatts of baseload power from three geothermal power facilities. It will increase geothermal power production in Nevada by nearly 25%. The company estimates the project will fund 332 jobs during construction and 64 during operations. The project is expected to avoid nearly 580,000 metric tons of carbon dioxide annually and produce enough electricity to power nearly 88,000 Nevada homes. See the DOE press release.
The New Hampshire project, using a $168.9 million guarantee to Granite Reliable Power, LLC, will help support a 99-megawatt wind generation project that will be the Granite State's largest wind farm. Project sponsors, BAIF Granite Holdings, LLC and Freshet Wind Energy, LLC, expect the project will fund nearly 200 construction jobs. It is expected to generate enough electricity to power nearly 20,000 homes and avoid more than 124,000 metric tons of carbon dioxide annually. See the DOE press release.
DOE's Loan Programs Office has issued loans or loan guarantees, or offered conditional commitments for loan guarantees totaling nearly $40 billion to support more than 40 clean energy projects across the United States. See the Loan Programs Office website.