The Arrowhead Regional Development Commission (ARDC) and the Northland Foundation have partnered to provide a revolving loan fund that will provide early-stage project development and feasibility analysis for community-based wind energy projects in Minnesota. The revolving loan fund will be available in Aitkin, Carlton, Cook, Itasca, Koochiching, Lake and St. Louis counties.
The revolving loan fund is part of the Rural Energy Development Initiative (REDI), a statewide program addressing community-based wind energy development. REDI loan financing is limited to early-stage project development and feasibility analysis for wind energy electric generation projects that intend to sell the electricity to an electric utility.
The maximum loan size is $25,000 for any one project and/or borrower. ARDC functions as the regional REDI organizer for northeast Minnesota. The Northland Foundation is the acting loan partner for the revolving loan fund.