As part of a nationally competitive selection process, EPA has invited the Commission to apply for a $251 million loan to finance its comprehensive capital improvement plan (CIP) as part of its WIFIA Program.
The WIFIA Program was established by the Water Infrastructure Finance and Innovation Act (WIFIA) of 2014. Administered by EPA, WIFIA loans are intended to accelerate regionally and nationally significant water infrastructure projects. The long-term, low-cost supplemental loan will provide significant cost savings and flexibility to the Commission’s five-year, $500 million CIP, supporting rate stability and accelerating critical water infrastructure investment. The Commission’s proposal was among the largest selected nationally, and was elevated by the strength of the Commission’s financial position. The loan is expected to save ratepayers approximately $60 million in borrowing costs over 20 years.