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Loan approved for Prince of Wales hydro project

By Associated Press 8:43 AM July 28, 2014
KETCHIKAN, Alaska (AP) –

A $20 million loan has been approved for a new hydropower project on Prince of Wales Island.

KRBD (http://is.gd/mHK24k) reports that the Alaska Energy Authority approved the loan to Haida Energy Inc. for construction of the Reynolds Creek project, about 10 miles east of Hydaburg. The loan was approved in June.

The project could supply power to all of the island’s residents, who currently depend on diesel-generated power during some parts of the year.

Haida Energy Inc. is a joint venture of the Haida Corp. and Alaska Power and Telephone Co., which says the project could significantly cut costs.

Energy Authority deputy director Gene Therriault says the island will be able to produce more energy than it currently needs once the project is complete.

Completion is slated for June 2016.

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Information from: KRBD-FM, http://www.ktn.net/krbd/

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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