Revolving Loan Program in Nevada Jumpstarts 15 Renewable Energy Projects
Nevada State Office of Energy
Six solar photovoltaic systems, four wind turbines, three anaerobic digesters, and two hydro plants are under construction in Nevada, and a large manufacturing facility is on the way thanks to the Nevada State Office of Energy’s (“NSOE”) Revolving Loan Program. The program, mentioned in Nevada Governor Brian Sandoval’s State of the State Address, has provided more than $8 million in low-cost loans to renewable energy project developers.
Nevada is the first state in the nation that has distributed 100 percent of their American Reinvestment and Recovery Act (“ARRA”) Revolving Loan funds, according to the U.S. Department of Energy (“DOE”).
“The beauty of the program is that it will continue indefinitely and keep generating funds to help get renewable energy projects off the ground,” NSOE Director Stacey Crowley said. “Once the total project financing is in place, the loans are repaid and funds are reallocated to a new round of projects. It can make the difference whether a company decides to come to Nevada or not.”
Avatar Energy chose to build their manufacturing facility in Nevada after they received loans for three anaerobic digesters they are constructing in Lyon and Churchill Counties. Anaerobic digesters compost animal waste and sewage sludge to produce a gas that is burned as fuel to make electricity. Their new operation will create up to 200 jobs with plans for a second large manufacturing facility and associated distribution center planned to break ground in mid-2012.
“Without the Revolving Loan Program, Avatar probably wouldn’t have carried out its aggressive plans for this exciting facility and create badly-needed manufacturing jobs in Northern Nevada,” Wade Development President Patty Wade said. “This is indeed a true success story.”
Four new wind turbines were also part of the first phase. Three of these advanced machines that convert wind energy into electricity are in Washoe Valley and one resides in Reno. In addition, two hydropower plants that create electrical power from flowing water are also under construction at the Young Brothers Ranch in Kingston and the Truckee River Ranch in Nye County.
The final projects, six solar photovoltaic systems that convert solar radiation into direct current electricity, are located in Clark and Washoe Counties.
“These short-term loans serve as a bridge financing option to provide necessary funding for various startup costs associated with these projects,” NSOE Energy Program Manager Robert Nellis added. “Although the funds have been allocated, we are encouraging interested parties to apply now for the second phase.”
Learn more about the Revolving Loan Program and all NSOE programs at www.energy.nv.gov.
Contact: Sean Sever
Energy Outreach Coordinator, Nevada State Office of Energy