U.S. Environmental Protection Agency (EPA) Administrator Andrew Wheeler and Indiana Governor Eric Holcomb presented Citizens Energy Group with a $180 million loan on October 9.
In total, Indiana received a $436 million loan from the EPA’s Water Infrastructure Finance and Innovation Act (WIFIA) to help finance projects to bring cleaner water to residents across the state.
Indiana bundled together more than 20 projects from across the state when applying for the loan. Indiana is the only state to bundle multiple projects together, which EPA hopes will be the model for state programs applying for WIFIA funding in the future. The DigIndy Tunnel System is the largest of these projects.
The Indiana Finance Authority received the loan through its State Revolving Fund. The state then lends money for specific projects. The $180 million provided to Citizens from the State Revolving Fund will help fund projects related to meeting the requirements of the Consent Decree.
Borrowing money through the State Revolving Fund benefits Citizens and its customers because it provides a slightly lower cost of debt than open market bonds and expands our investor base.
“Securing this loan has been a collaboration between Treasury and CP&E to get the required project approval,” said Sara Mamuska-Morris, Director of Treasury. “John Trypus and his team have been critically important to the success of this program funding. They worked directly with the State Revolving Fund engineers to ensure all the documentation was in place.”
While Administrator Wheeler was in Indianapolis for the announcement, he and his staff toured the Deep Rock Tunnel Connector Pump Station and took the virtual reality tour of the DigIndy Tunnel System.
Above: Several employees were instrumental in securing the loan through the EPA program. Pictured left to right: Shannon Stahley, Joe Sutherland, John Brehm, Jeffrey Harrison, Mark Jacob, Jennifer Bailey, Andy Lutz, Patience Bako, Sara Mamuska-Morris, John Trypus, and LaTona Prentice.
Left: Mike Miller (left) leads a tour of the pump station for EPA Administrator Andrew Wheeler.
