Greenhunter Energy (GRH) Snags $30 Million of Recovery Zone Bonds to Expand Mesquite Lake Facility

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09:33:07 am on November 4, 2010

On Tuesday, Greenhunter Energy announced that they have received $30 million in tax-exempt Recovery Zone bonds to expand their Mesquite Lake biomass power facility near El Centro, California.

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By the time both phases of the expansion are completed, the facility will provide enough electricity to power 18,000 homes and will create about 642 jobs.

In a press release, Gary C. Evans, Chairman and Chief Executive Officer, commented on the news:

“GreenHunter Energy’s application for a Recovery Zone Facility Bond allocation rated applicants on several key elements such as community need, job creation, and the energy efficiency of the proposed project. We scored above the required points value, demonstrating both the viability of the project and its importance to the local community. Due to the issuance of these CEDA bonds, we now have access to low-cost funding that will be necessary to cover the majority of our projected construction costs, and continue the permitting, engineering, and contracting processes required to get this project commercially operational.”

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