February 15, 2011 / 10:33 PM / 7 years ago

UPDATE 1-US DOE finalizes loan aid for Nevada power line

 * First transmission line loan guarantee from DOE
 * Expected to begin transmitting power by early 2013
 * Expected to carry some power from renewable projects
 (Adds details on construction, Chu quote)
 WASHINGTON, Feb 15 (Reuters) - The U.S. Department of
Energy finalized on Tuesday a $343 million loan guarantee for a
Nevada power line expected to carry 600 megawatts of
electricity including from clean sources such as solar power.
 The ON Line project, jointly owned by Great Basin
Transmission South LLC and NV Energy NVE.N, is the first
transmission line to receive loan aid from the DOE, the
department said.
 "This project will create jobs, increase the reliability of
the grid, and save money through greater efficiencies in the
grid," Energy Secretary Steven Chu said.
 The project, supported by the 2009 stimulus act aimed at
boosting the U.S. economy, will help integrate existing lines
in the state.
 Company officials told reporters construction was imminent
and the project would begin operating by early 2013.
 Under loan guarantees, the federal government commits to
paying portions of private loans in case the companies
default.
 (Reporting by Timothy Gardner and Tom Doggett; Editing by Dale
Hudson)


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