A low-cost loan of C$8 million has been awarded to Summerside, Prince Edward Island, as part of Canada's Economic Action Plan.
The city of Summerside will use the loan to develop a wind farm. This includes the installation of four wind turbines, the interconnection of the electrical grid and the construction of related transmission infrastructure in order to provide the residents of Summerside with green power and more stable electricity costs.
‘Producing wind energy was made a priority by our province and city, and having the opportunity to borrow this money through Canada's Economic Action Plan has allowed the city to decrease the cost of borrowing,’ says Basil Steward, mayor of Summerside.
Canada's Economic Action Plan provides up to $2 billion in direct, low-cost loans to municipalities, over two years, for housing-related infrastructure projects through Canada Mortgage and Housing Corp.'s municipal infrastructure lending program.