WESTMINSTER, Colo., Oct. 25, 2024 – Today U.S. Department of Agriculture (USDA) Deputy Secretary Xochitl Torres Small joined Colorado power cooperative Tri-State Generation and Transmission Association in Westminster to announce nearly $2.5 billion in financing through USDA’s Empowering Rural America (New ERA) Program to lower electricity costs.
In addition, Torres Small announced Poudre Valley Rural Electric Association Inc. (PVREA) and Yampa Valley Electric Association, both in Colorado, have been selected to move forward in the New ERA awards process.
"Rural people deserve affordable and reliable energy--for the long haul," said Deputy Secretary Xochitl Torres Small. “USDA is continuing to deliver on the Biden-Harris Administration’s commitment to rural America and a clean energy economy through our investment in Tri-State Generation and Transmission Association and the other New ERA partners announced today. This funding will reduce pollution, lower costs for working families, and build stronger local economies.”
Crestina M. Martinez, Colorado State Director for USDA Rural Development, said, "At USDA Rural Development, we are deeply committed to supporting our rural partners and ensuring that communities across Colorado have access to the resources they need to thrive. These historic investments in renewable energy are a testament to that commitment. By fostering clean energy solutions through the New Era program, we are creating sustainable economic opportunities while ensuring our rural areas remain resilient and forward-looking. Together with our local partners, we are building a stronger, greener future for generations to come."
Tri-State’s award of nearly $2.5 billion in financing, made possible by a combination of grants and loans, is expected to reduce electricity rates 10 percent for cooperative members by 2034, amassing $430 million in rural consumer benefits over ten years. New ERA funds will finance the purchase of 1,040 megawatts of renewable energy and more than 200 megawatts of energy storage. New ERA funds will also help Tri-State refinance the retirement of 1,100 megawatts of previously and newly announced coal-fired energy generation. The investments will provide affordable, reliable, and resilient energy to Tri-State's cooperative members across Colorado, Nebraska, New Mexico, and Wyoming. This investment will reduce climate pollution by nearly 5.8 million tons annually. This transformative investment is expected to create more than 2,000 jobs.
PVREA will procure 108 megawatts of wind energy and construct 5 megawatts of new battery energy storage across rural Colorado. These projects will help power more than 56,000 homes and businesses. Funds will help stabilize costs for rural electric cooperative members and reduce carbon emissions by over 370,000 tons per year, the equivalent of removing 80,000 gasoline-powered cars, annually. Additionally, this investment will create up to 330 short- and long-term jobs.
Yampa Valley Electric Association will procure up to 150 megawatts of solar energy and 75 megawatts of battery energy storage for Northwestern Colorado and Southwestern Wyoming. These projects are estimated to provide 280 short-term and long-term jobs, stabilize costs for rural cooperative members, and reduce carbon emissions by 316,000 tons per year. This proposal will remove greenhouse gas pollution at levels equivalent to removing 68,000 gasoline-powered cars each year.
In addition to Colorado’s projects, USDA announced four other rural electric cooperatives serving rural communities throughout the country to move forward in the awards process. USDA will be investing nearly $1 billion in grants and loans for these six new selectees, which will leverage investments of $6.4 billion for 1.75 gigawatts of clean energy for rural communities across the country. The selectees announced today will reduce and avoid at least 6.4 million tons of greenhouse gases annually. Including today’s announcements, USDA has announced over $8.3 billion in funding as part of the New ERA program to benefit rural electric cooperatives and their members through the New ERA program.
Under the Biden-Harris Administration, USDA Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and healthcare; and high-speed internet access in rural, Tribal and high-poverty areas. Visit the Rural Data Gateway to learn how and where these investments are impacting rural America. For more information, visit www.rd.usda.gov.
#