HERNDON, Va.--National Rural Utilities Cooperative Finance Corporation (CFC) announced today that East Texas Electric Cooperative, Inc. (ETEC) will receive $10.2 million in Clean Renewable Energy Bonds (CREBs) for a renewable hydroelectric power project near the city of Livingston, Tex. CFC is a finance cooperative that serves rural utility systems and secured the funds as part of a federal program to fund renewable energy projects.
ETEC, a generation and transmission cooperative, is using the funds to construct a hydroelectric power generation facility located on the Polk County side of the Lake Livingston Dam along the Trinity River. Developed in cooperation with the Trinity River Authority of Texas (TRA) and the City of Houston, the new plant will include three eight-megawatt turbines capable of producing 124 million kilowatt hours (kWh) of clean and renewable energy—enough electricity to power 12,000 homes. ETEC expects to begin delivering power generated by the Lake Livingston hydroelectric plant in early 2012.
“Hydroelectric power is one of the most widely-used renewable sources of energy,” said ETEC’s General Manager Edd Hargett. “ETEC is investing in the facility to provide our members with power that is both affordable and environmentally friendly.”
“The Lake Livingston project exemplifies ETEC's commitment to providing reliable and affordable electricity to its members for years to come,” said Ryan Thomas, CFO, East Texas Electric Cooperative. “We are thankful to the TRA and the City of Houston for their cooperation in this effort. ETEC continually invests in our local economies through renewable resources, as our goal is to make East Texas a better place to live.”
Electric cooperatives are not-for-profit, member-owned utilities. As part of the Energy Policy Act of 2005, the CREBs program provides electric cooperatives and other not-for-profit utilities a source of funding for renewable generation resources.
“We applaud the actions of our electric cooperative members as they continue to invest in renewable energy development and find new ways to meet their members’ need for power,” said Sheldon C. Petersen, CEO of CFC.
This month, CFC issued a total of nearly $29 million in bonds for 11 projects on behalf of eight of its electric cooperative member-owners. This follows an earlier issuance of CREBs by CFC that took place in February 2008, totaling nearly $31 million.
About East Texas Electric Cooperative
The distribution system members of East Texas Electric Cooperative are Bowie-Cass Electric Cooperative, Cherokee County Electric Cooperative, Deep East Texas Electric Cooperative, Houston County Electric Cooperative, Jasper-Newton Electric Cooperative, Panola-Harrison Electric Cooperative, Rusk County Electric Cooperative Association, Sam Houston Electric Cooperative, Upshur Rural Electric Cooperative and Wood County Electric Cooperative. Through its member systems, ETEC serves 307,614 member-owners in 46 East Texas counties.
CFC is a cooperative that serves the nation’s rural utility systems, the majority of which are electric cooperatives. With more than $20 billion in assets, CFC provides its member-owners with an assured source of market-priced capital and financial products and services. CFC can be found online at www.nrucfc.org.