NEWS FROM WESTERN AREA POWER ADMINISTRATION
FOR IMMEDIATE RELEASE: April 21, 2009
CONTACT: Theresa Williams, 720-962-7051, twilliam@wapa.gov
WESTERN FUNDING AWAITS PROJECTS
LAKEWOOD, Colo.—Just less than 2 months after the President signed the American Recovery and Reinvestment Act, up to $3.25 billion in funding is now readily available for transmission projects that will move renewable energy across the grid in the West.
Western Area Power Administration and the Secretary of theTreasury now have a borrowing arrangement in place. "This gives us immediate access to funds to help meet the demand for transmission infrastructure and create 'green' jobs,” said Administrator Tim Meeks. “The timing is perfect. We are close to completing design of our Transmission Infrastructure Program, and I expect to announce the initial project selections in early May.”
Under this borrowing arrangement, Western can fund projects quickly and for a wide range of loan periods. “We are now in position to fund projects selected as soon as the contracts for the development of each are negotiated with our partners," said Chief Financial Officer Harry Pease.
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Western Area Power Administration annually markets and transmits more than 10,000 megawatts of clean, renewable power from hydroelectric powerplants owned and operated by the Bureau of Reclamation and the U.S. Army Corps of Engineers in 15 western and central states. It is part of the Department of Energy. Learn more about Western at www.wapa.gov.
Serving the West with Federal hydropower
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