Up to $1.4 billion in grants and subsidized loans
East Kentucky Power Cooperative leaders joined Gov. Andy Beshear and USDA Rural Utilities Service Administrator Andy Berke in the Capitol Rotunda on Monday, October 28 to announce that EKPC will be able to access up to $1.4 billion in federal grants and subsidized loans for renewable energy and transmission projects.
“This New ERA funding through Rural Utilities Service enables EKPC to reduce greenhouse gas emissions and maintain competitive rates for rural Kentucky,” said Tony Campbell, EKPC’s president and CEO. “These funds will support renewable resources, including the proposed new solar facilities in Fayette and Marion counties, which will advance EKPC’s strategy to cut carbon intensity and diversify its generating portfolio.”
EKPC plans to construct or procure 757 megawatts of renewable energy for rural portions of Kentucky, as well as improve the regional transmission grid to support renewable projects and increase energy efficiency.
“The New ERA funds will play a vital role in EKPC’s thoughtful, common-sense approach to cutting carbon emissions while minimizing the cost impact for 1.1 million Kentucky residents in 89 counties,” said Anderson County resident Jody Hughes, who represents Blue Grass Energy on EKPC’s board. “This funding helps meet the needs of the people and organizations we serve, especially businesses and industries looking to reduce their carbon footprints.”
EKPC is working with Rural Utilities Service to finalize the New ERA underwriting and funding agreement.
“Many of the big economic development projects we’re working on – and we’re working on a bunch of them – have business leaders telling us, ‘You’ve got to provide us this much in renewable energy by this date,’” Beshear said. “And today’s award means East Kentucky Power is going to help us meet this demand and land more projects and more jobs in the coming years.”
“When we transition to clean energy, we lower the toxic pollution in our air and water,” Berke added. “At the same time, this funding will keep costs low and allow rural Kentuckians to save money on their electric bill.”