The 99-megawatt (MW) capacity Granite Reliable Power Windpark in New Hampshire is on course after the Obama administration finalized a partial guarantee of a $168.9 million loan to the project’s developers.
Under the type of guarantee given by the U.S. Department of Energy (DOE), the taxpayers would be on the hook for up to 80 percent of that loan amount, or around $135 million (the amounted cited by the DOE when it conditionally granted the loan guarantee back in June).
This Granite Reliable financing joins a host of loan guarantees closing before the DOE’s Section 1705 program for renewable energy development wraps up at the end of the month. The program has been under fire of late due to the Solyndra bankruptcy.
Once completed, Granite Reliable – in Coos County, about 110 miles north of Concord – will be the largest wind-power plant in New Hampshire, consisting of 33 Vestas V90 3.0-MW turbines, said to be enough to power 20,000 homes and offset 124,000 tons of carbon annually. Most of the energy will be sold to Central Vermont Public Service and Green Mountain Power.
The project is headed by Brookfield Renewable Power, through the subsidiary BAIF Granite Holdings, and its partner, Freshet Wind Energy. The developers, who broke ground on the project in February, expect the project will result in around 200 construction jobs before it is completed before the end of this year.