South Carolina Co-op Secures $500M For Clean Energy Projects
Central Electric Power Cooperative Inc., the power supplier for South Carolina's 19 electric cooperatives, has been awarded $500 million in federal support to help meet the state's growing electricity needs. The funding, from the Empowering Rural America (New ERA) program, includes nearly $442.2 million in grants and more than $57.8 million in zero-interest loans.
The funding will help Central Electric Power cover up to 25% of costs for power purchase agreements that will provide nearly 700 megawatts of clean energy, including nuclear, solar, and battery storage capacity. The projects will deliver energy to over 900,000 cooperative accounts across all 46 counties of South Carolina.
The investments are expected to cut greenhouse gas emissions by more than 2.2 million tons annually, equivalent to removing 480,000 gasoline-powered cars from the road. The program, funded by the 2022 Inflation Reduction Act, is part of a nationwide effort to transition rural electric utilities to cleaner energy sources.
"This funding will help us continue providing safe, reliable, and affordable energy to the 2 million South Carolinians who rely on electric cooperatives," said Rob Hochstetler, CEO of Central Electric Power Cooperative. The funding will support several projects, including the Catawba Nuclear Station and multiple solar farms.
Source: columbiabusinessreport.com
