AEA board OKs Haida Energy hydro loan

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The Alaska Energy Authority board of directors has approved a $9 million power project fund loan to Haida Energy Inc. to help finance a new 5 megawatt hydroelectric project at Reynolds Creek on Prince of Wales Island in southeast Alaska.

Haida Energy, a newly formed entity established by Haida Corp. and Alaska Power and Telephone Co. Inc., was formed to construct and own the new Reynolds Creek plant, which has a total project cost of $17.25 million. State and federal grants totaling $5.34 million were previously approved, and Haida Corp. invested $4 million and will reduce its equity investment to $2.91 million through use of the loan approved Aug. 11.

AEA’s power project fund provides loans to local utilities, local governments or independent power producers for the development or upgrade of electric power facilities, including conservation, bulk fuel storage and waste energy conservation.

AEA is a public corporation of the state; its purpose is to reduce the cost of energy in Alaska.

—Petroleum News