Building a Brighter Future: Poudre Valley REA Secures $9 Million from USDA for Clean, Affordable Energy

• PVREA selected to receive $9 million partially forgivable loan from USDA
• Investment made possible through the Powering Affordable Clean Energy (PACE) program
• PACE funds will be used to build two solar and battery energy storage projects

(June 18, 2024 – Fort Collins, Colo.) – U.S. Department of Agriculture (USDA) Secretary Tom Vilsack announced a $9 million investment in local clean energy projects during a visit to Poudre Valley REA (PVREA) on Monday, June 17.

PVREA was awarded funding through the USDA’s Powering Affordable Clean Energy (PACE) program. The partially forgivable loan will be used by PVREA to construct two new solar and battery energy storage projects.

The $9 million investment by the USDA will result in an almost 50% cost reduction in these two projects. “This investment marks a pivotal moment for the members of Poudre Valley REA,” 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 fund two PVREA projects, adding 3.5 megawatts of solar and battery storage, or enough to power almost 800 homes and businesses.

“We’re committed to leveraging funding opportunities like the PACE program to build a brighter future for the communities and members we serve – that’s the Poudre Valley REA difference,” added Wadsworth.

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

The Black Hollow Solar and Battery Energy Storage project will add utility-scale renewable generation into the distribution grid, propelling the cooperative forward along the path of fulfilling their 80 by 30 Goal.

PVREA was honored to welcome Secretary Vilsack; Congresswoman Yadira Caraveo, MD (CO-08); Kate Greenberg, Commissioner of the Colorado Department of Agriculture; Bill Ritter, Former Governor and Founder and Director of the Center for the New Energy Economy at Colorado State University; Crestina Martinez, Colorado State Director of Rural Development; and Kent Peppler, Colorado Executive Director of the USDA Farm Service Agency.

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 more local, state, and federal stakeholders.

About PVREA

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

The PVREA membership includes more than 55,000 homes and businesses across Boulder, Larimer, and Weld counties in Northern Colorado. More information is available at www.pvrea.coop.

###

Media Contact Sam Taggart, staggart@pvrea.coop, o: 970.282.6424, m: 970.286.1735