• Connect With Us:
  • Clean energy bonds to help fund upgrade at 904-MW Rocky Mountain

    Oglethorpe Power Corp. plans to finance an upgrade of its 904-MW Rocky Mountain pumped-storage project with a $24 million federal co-op loan funded by Clean Renewable Energy Bonds.

    Oglethorpe, a power supplier owned by 38 Georgia electric cooperatives, said it anticipates closing the loan from the National Rural Utilities Cooperative Finance Corp. in 2008.

    Under terms of the Energy Policy Act of 2005, CFC submitted Clean Renewable Energy Bond applications to the Internal Revenue Service on behalf of clean renewable energy projects by Oglethorpe and by 50 other electric cooperatives. The Internal Revenue Service allocated the $24 million bonding approval for Rocky Mountain in 2006.

    As a qualified issuer under the bond program, CFC will issue bonds and lend the proceeds to Oglethorpe at 1 percent interest. Instead of CFC paying interest to the bond purchaser, the federal government provides the purchaser a tax credit.

    Oglethorpe and Georgia Power Co. are co-licensees of Rocky Mountain (No. 2725), on Heath Creek in Floyd County, Ga. Oglethorpe announced plans several years ago to increase Rocky Mountain's capacity by replacing pump-turbine runners.

    Clean Renewable Energy Bonds were created to provide tax-exempt state and local governments and electric cooperatives with a federal incentive to invest in renewable energy generation projects. They are to provide an incentive similar to the production tax credits available to investor-owned utilities that invest in such projects.

    Congress authorized a total of $1.2 billion in bonding authority for the program, which is scheduled to expire Dec. 31, 2008. (HNN 1/25/08)

    Hydro Industry Financials

    Buyers Guide Products

    Technical Services

    NAES develops and offers a full suite of custom...

    Governor Training Classes

    From Governor School to Custom On-Site Training...

    Factory Repair Services

    We offer COMPLETE factory repair services for A...

    Digital Governor Conversions and Retrofit Kits

    Want to Go Digital? Over the last 10 years we h...

    Governor Field Service, Troubleshooting and Calibration

    Our highly-skilled Field Service Engineers know...

    Governor Replacement Parts - New and Factory Reconditioned

    We offer a complete line of brand-new, BETTER-T...

    Most Read Articles

    Recent Comments

    Buyers Guide Companies

    Sauer Compressors USA Inc

    ABB Inc/High Current Systems

    Barr Engineering Co

    JM Power Aggregates Ltd

    Owner, inventor and distributor of an environme...

    IC-Fluid Power Inc

    Founded in 1989 to bring European fluid power t...

    Continuing Education

    Professional Development Hours
    To access a course listing associated to a specific topic listed below, click on the topic of choice from the list below.

    12/01/2013
    Volume 32, Issue 10
    file
    01/01/2014
    Volume 22, Issue 1
    1401hrw-cvr

    Archived Articles

    2006 | 2007 | 2008 | 2009 | 2010 2011 | 2012 | 2013
    Hydro Review Past Issues

    Premium Content AD Promo Space