AEA Board Approves Power Project Fund Loan
(Anchorage) – Today the Alaska Energy Authority (AEA) Board of Directors approved a $2,070,692 Power Project Fund (PPF) loan to South Fork Hydro, LLC to help finance a new 1 megawatt (MW) run-of-the-river hydroelectric project located on the South Fork of Eagle River in Southcentral Alaska. The average annual energy production is expected to be approximately 5,000,000 kilowatt hours (KWh), or 5 gigawatt hours (GWh).
South Fork Hydro, LLC is an entity established by Phyllis Janke and son Daniel Janke of South Fork Construction Company, and Polarconsult Alaska, Inc. President Earle Ausman. The LLC will construct and own the new South Fork Hydroelectric Project, which has a total project cost of $4,942,982. South Fork Hydro intends to operate as an independent power producer, and all power generated by the project will be sold to Matanuska Electric Association (MEA).
“We are pleased to support this project,” said AEA Board Chairman Hugh Short. “In 2011, AEA hosted a well-attended, productive work session on the role of independent power producers in Alaska, and now this year we will see the South Fork Hydro Project built. I commend Phyllis, Daniel and Earle for their diligence and dedication to bringing this project on line to benefit Alaskans with stable, long-term energy.”
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 Board of Directors approval is required for any Power Project Fund loan that exceeds $2,000,000.
The Alaska Energy Authority is a public corporation of the state. AEA’s purpose is to reduce the cost of energy in Alaska.