Mason PUD News

Two renewable energy projects with connections to Mason County PUD No. 3 are a part of nearly $500 million worth of federal allocations snapped up by Washington State for Clean Renewable Energy Bonds according to an announcement this week by the US Department of treasury.

The funds will go towards renewable wind and hydropower projects on the books for public power providers in the state. PUD 3 is a participant in one of the wind projects and has expressed interest in taking part in a second.

Nearly $110 million was allocated for bonds to go towards the funding of the Radar Ridge wind project near Naselle in SW Washington. The project could generate up to 82 megawatts of electricity; enough energy to power approximately 18,000 homes. It is expected to consist of up to 32 wind turbines. Depending on permitting and construction, the project could be operational by as early as late 2011. In addition to Mason County PUD No. 3, other Radar Ridge partners are Clallam County PUD, Grays Harbor County PUD and Pacific County PUD. Mason PUD 3 has committed to a 15% share of the project.

Just over $84 million of the bond allocation could go towards funding of the proposed Mustang Ridge wind project in south central Washington. It is proposed to be located in Benton County along a ridge south of Highway 82 between Prosser and Benton City. Energy Northwest is in the pre-development phase of the project and is seeking interested participants to determine the size of the project prior to starting the permitting process. Currently, Mason County PUD 3 and Clallam County PUD have expressed interest in the venture. The initial proposition has suggested an operational date of December 2012.

The Clean Renewable Energy Bonds program helps public power utilities obtain lower cost financing for clean energy development projects.

"This innovative bond program provides communities around the country with financing to jump start important development projects," said Treasury Deputy Secretary Neal Wolin. "Because of the Clean Renewable Energy Bonds, energy developers will be able to access lower cost credit to help make the shift to clean renewable energy production, benefitting both our economy and our environment."

These bonds function as tax credit bonds which allow investors to receive federal tax credits that will cover 70 percent of the interest on the bonds.