On Oct. 25, U.S. Department of Agriculture (USDA) Deputy Secretary Xochitl Torres Small joined Colorado power cooperative Tri-State Generation and Transmission Association in Westminster to announce nearly $2.5 billion in financing through USDA’s Empowering Rural America (New ERA) Program to lower electricity costs.
“Rural people deserve affordable and reliable energy — for the long haul,” said Torres Small, adding, “This funding will reduce pollution, lower costs for working families, and build stronger local economies.”
Crestina M. Martinez, Colorado state director for USDA Rural Development, said, “At USDA Rural Development, we are deeply committed to supporting our rural partners and ensuring that communities across Colorado have access to the resources they need to thrive. These historic investments in renewable energy are a testament to that commitment. By fostering clean energy solutions through the New Era program, we are creating sustainable economic opportunities while ensuring our rural areas remain resilient and forward-looking. Together with our local partners, we are building a stronger, greener future for generations to come.”
Tri-State’s award of nearly $2.5 billion in financing, made possible by a combination of grants and loans, is expected to reduce electricity rates 10 percent for cooperative members by 2034, amassing $430 million in rural consumer benefits over 10 years.
New ERA funds will finance the purchase of 1,040 megawatts of renewable energy and more than 200 megawatts of energy storage. New ERA funds will also help Tri-State refinance the retirement of 1,100 megawatts of previously and newly announced coal-fired energy generation. The investments will provide affordable, reliable, and resilient energy to Tri-State’s cooperative members across Colorado, Nebraska, New Mexico and Wyoming.
This investment will reduce climate pollution by nearly 5.8 million tons annually. This transformative investment is expected to create more than 2,000 jobs.
For more information, visit www.rd.usda.gov.
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