Poudre Valley REA raises $9 million from USDA for clean, affordable energy

During a visit to Poudre Valley REA (PVREA) on Monday, June 17, U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced a $9 million investment in local clean energy projects.

PVREA received funding through the USDA Powering Affordable Clean Energy (PACE) program. PZWREA will use the partially forgivable loan to build two new solar and battery energy storage projects.

USDA’s $9 million investment will result in a nearly 50% cost reduction for these two projects. “This investment represents a pivotal moment for Poudre Valley REA members,” said PVREA President and CEO Jeff Wadsworth. “These projects will have a significant and positive impact on our members for years to come.”

The PACE program will help finance two PVREA projects, adding 3.5 megawatts of solar and battery storage, enough to power nearly 800 homes and businesses.

“We want to leverage funding opportunities like the PACE program to build a better future for the communities and members we serve – that’s where the REA Poudre Valley program makes a difference,” Wadsworth added.

The Two Rivers Community Solar and Boomerang Battery Energy Storage project will be PVREA’s fourth largest community solar farm. Twenty percent of the energy produced will be reserved for low- and moderate-income (LMI) households, increasing access to renewable energy resources while reducing the burden of electricity costs.

Black Hollow’s solar and battery storage project will integrate utility-scale renewable energy into the distribution grid, pushing the cooperative forward on the path to achieving the 80 by 30 goal.

PVREA was honored to welcome Secretary Vilsack; Congresswoman Yadira Caraveo, M.D. (CO-08); Kate Greenberg, commissioner of the Colorado Department of Agriculture; Bill Ritter, former governor and founder and director of the Center for a New Energy Economy at Colorado State University; Crestina Martinez, Colorado Rural Development Director; and Kent Peppler, executive director of the USDA Farm Service Agency in Colorado.

Other guests included representatives from the Rocky Mountain Farmers Union, International Brotherhood of Electrical Workers (IBEW) Local 111, Morwai Dairy, Sandbox Solar, She’s in Power, Colorado Rural Electric Association, Tri-State G&T and many other local, state and federal stakeholders .

About PVREA

Poudre Valley REA is a member-owned, not-for-profit electric cooperative offering safe, reliable and efficient energy solutions with exceptional service at the lowest residential electricity rate in Colorado.

PVREA membership covers more than 55,000 homes and businesses in Boulder, Larimer and Weld counties in northern Colorado. More information can be found at www.pvrea.coop.