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Gov. Gregoire Delivers $3.2 Million Loan to Port of Warden for Biodiesel Facility
 

OLYMPIA – Governor Chris Gregoire today announced that Washington has signed agreements with the Port of Warden for $3.2 million in loans for a biodiesel production facility. The facility is projected to produce 35 million gallons of biodiesel per year and bring 44 new jobs to the Grant County community.

“Homegrown bioenergy will reduce our dependence on foreign oil, protect the natural environment of our state and provide new economic opportunities for Washington farmers and rural communities,” said Governor Gregoire. “This public-private partnership is an example of the Next Washington, the kind of future we want to build for our children and grandchildren.”

The Warden project is the first to complete all the necessary agreements to receive both competitively awarded and earmarked funding through the state’s Energy Freedom Loans. The Port received $796,177 through a competitive loan process conducted last summer, as well as a $2.5 million loan earmarked by the Legislature during the 2006 session.

The Energy Freedom Loans were proposed by Governor Gregoire as part of her 2006 supplemental budget and later passed by the Legislature and signed into law.

Valoria Loveland, director of the Washington Department of Agriculture, yesterday signed the final contract with the Port of Warden.

Successful applicants in the competitive loan process demonstrated long-term financial viability, job creation and benefits to the local economy. The low-interest Energy Freedom Loans are available to local governments, ports and other public entities and are intended to leverage additional private financing. Matching funds are required to cover at least one-half of the project’s total cost. Local public entities may collaborate with private companies to develop the energy production facilities. The loans have a 10-year term with a one-percent annual percentage rate.
 

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