Less than two months after President Obama signed the American Recovery and Reinvestment Act, up to $3.25 billion in funding is now readily available for transmission projects that will move renewable energy across the grid in the West, according to the Western Area Power Administration (WAPA), which has a borrowing agreement in place with the Secretary of the Treasury.
‘This gives us immediate access to funds to help meet the demand for transmission infrastructure and create 'green' jobs,’ says WAPA Administrator Tim Meeks. ‘The timing is perfect. We are close to completing the design of our Transmission Infrastructure Program, and I expect to announce the initial project selections in early May.’
Under this borrowing arrangement, WAPA can fund projects quickly and for a wide range of loan periods.
SOURCE: Western Area Power Administration