KETCHIKAN, Alaska (AP) — A $20 million loan has been approved for a new hydropower project on Prince of Wales Island.
KRBD 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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