WASHINGTON, Feb 15 (Reuters) - The U.S. Department of
Energy finalized on Tuesday a $343 million loan guarantee for a
Nevada power line expected to carry 600 megawatts of
electricity including from clean sources such as solar power.
The ON Line project, jointly owned by Great Basin Transmission South LLC and NV Energy, is the first transmission line to receive loan aid from the DOE, the department said.
'This project will create jobs, increase the reliability of the grid, and save money through greater efficiencies in the grid,' Energy Secretary Steven Chu said.
The project, supported by the 2009 stimulus act aimed at boosting the U.S. economy, will help integrate existing lines in the state.
Company officials told reporters construction was imminent and the project would begin operating by early 2013.
Under loan guarantees, the federal government commits to paying portions of private loans in case the companies default.
(Reporting by Timothy Gardner and Tom Doggett; Editing by Dale Hudson) Keywords: POWER LOAN (timothy.gardner@thomsonreuters.com; +1 202-898-8360; timothy.gardner.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
The ON Line project, jointly owned by Great Basin Transmission South LLC and NV Energy, is the first transmission line to receive loan aid from the DOE, the department said.
'This project will create jobs, increase the reliability of the grid, and save money through greater efficiencies in the grid,' Energy Secretary Steven Chu said.
The project, supported by the 2009 stimulus act aimed at boosting the U.S. economy, will help integrate existing lines in the state.
Company officials told reporters construction was imminent and the project would begin operating by early 2013.
Under loan guarantees, the federal government commits to paying portions of private loans in case the companies default.
(Reporting by Timothy Gardner and Tom Doggett; Editing by Dale Hudson) Keywords: POWER LOAN (timothy.gardner@thomsonreuters.com; +1 202-898-8360; timothy.gardner.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.