A loan has been approved for the Greensburg Wind Farm LLC by the U.S. Department of Agriculture (USDA). The $17.4 million loan will provide financing for the 10 wind turbine projects that will supply power to Greensburg, Kan., which was devastated by a tornado in 2007.
‘This project will not only enhance our country's long-term energy security by producing clean, renewable energy, but also create green jobs and generate income in the local community,’ says Tom Vilsack, secretary of agriculture.
The total project cost is estimated at $23.3 million. Approximately $17.4 million will come in the form of a loan to Greensburg Wind Farm LLC, a subsidiary of John Deere Renewables, with the remaining $5.8 million, or 25% of the total project cost, being provided through an equity investment by Deere & Co. The project is expected to generate 12.5 MW of electricity.
Funding of the loan is contingent upon the recipient meeting the conditions of the loan agreement.
SOURCE: U.S. Department of Agriculture