Hawaii utility receives $110M loan guarantee

HONOLULU (AP) — The Kauai Island Utility Cooperative has received a $110 million loan guarantee from the U.S. Department of Agriculture.

Hawaii’s Democratic Sens. Daniel Inouye and Daniel Akaka said Thursday in a Washington news release that the loan guarantee will be used to expand renewable energy initiatives.

They say the guarantee includes nearly $73 million for hydroelectric plant improvements and a 10-megawatt naphtha/biodiesel fueled combustion turbine.

Inouye says the funds will help Kauai further harness the power of water and biofuel as part of the effort to lessen Kauai County’s dependence on imported fossil fuels.

Akaka says the homegrown energy sources keep dollars in Hawaii while reducing air, land and water pollution.

Hawaii utility receives $110M loan guarantee – Yahoo! Finance

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