The Nevada State Office of Energy is seeking applications for a program that provides loans carrying a 3 percent interest rate for development and expansion of renewable energy, energy efficiency and renewable energy manufacturing projects.
The first phase of the program provided more than $11 million in low-cost loans to help get six solar photovoltaic systems, four wind turbines, three anaerobic digesters and two hydropower plants started around the state.
The program helped to convince Avatar Energy to locate a manufacturing facility in Nevada after the company received loans from the first phase of the program for three anaerobic digesters it is constructing in Lyon and Pershing Counties. Avatar's new operation will create up to 200 jobs and they have plans for a second facility of equal size.
Interest and loans repaid to the Office of Energy from the first phase projects will provide funding for the second phase. Applicants may apply for a minimum of $100,000 and a maximum of $1,000,000. Loan terms will be less than 15 years with an interest rate of three percent. Lower interest rates will be available to companies building or expanding projects in disadvantaged communities.
Projects will be ranked by an independent committee that looks at factors such as job creation, renewable energy generation or savings relative to project cost, reduction of fossil fuels and emission of greenhouse gases relative to project cost, financial issues, readiness to proceed, quality of project management and project type and duration.
The highest-ranked projects will be presented to the Nevada Legislature's Interim Finance Committee for final approval.
