| HOLYOKE One of the largest wind farms in the Commonwealth of Massachusetts is being financed by a $6.5 million loan package from PeoplesBank. The Bank provided the loan to the Massachusetts Municipal Light Department Wind Energy Cooperative for a wind farm in the town of Princeton. The wind farm's two 1500-kilowatt wind turbines will eventually generate enough renewable and cost effective electricity to meet forty percent of the town's energy requirements, or the equivalent energy consumption of approximately 800 homes, once completed in the fall of 2008. The Massachusetts Municipal Wholesale Electric Company (MMWEC) in Ludlow and the Princeton Municipal Light Department formed the co-op, which is structured to assist municipal utilities with the development and financing of wind energy resources. "We applaud the efforts of the co-op. It takes creative thinking and hard work to get these environmentally friendly initiatives off the ground," said Douglas A. Bowen, President of PeoplesBank, "and PeoplesBank has proven that we have the expertise and financial strength to make large scale green initiatives a reality." The Bank has previous experience in financing renewable energy projects. In 2003-2004, PeoplesBank loaned approximately $6 million to Holyoke Gas & Electric to upgrade hydroelectric equipment and increase capacity. Currently, 60 percent of the energy used by the Bank's headquarters and offices in Holyoke comes from clean, renewable energy sources. "There were a number of issues to address in financing the Princeton project, but PeoplesBank stepped up with the willingness and expertise needed to close the deal," said Ronald C. DeCurzio, Chief Financial and Operating Officer of MMWEC. "The wind energy co-op is all about moving renewable energy projects like this into production, and the financing agreement with PeoplesBank is an important step forward." MMWEC General Manager Glenn O. Steiger cited the benefit of the co-op as a vehicle to help municipal utilities diversify their energy resources and reduce their reliance on fossil fuels for power generation. "Development of wind and other renewable resources, coupled with energy conservation and demand management initiatives, will bring better balance to municipal power supplies. Pursuit of such resources is also consistent with the state's environmental policy goals for addressing climate change issues and finding alternatives to fossil fuel." Bowen suggested that PeoplesBank has looked inside for energy saving initiatives as well. "We have been investing in energy management for a few years and are now beginning to realize the payoff from those efforts. In our four Holyoke offices, we replaced over 1,000 fixtures with lighting and ballasts that are more efficient. Our HVAC systems were also improved resulting in significant savings in natural gas, oil and electricity. To date, we are realizing an annual savings of between 12 and 25 percent, depending on the building and the type of energy consumed. "This is just the start, however. We intend to continue to examine and improve our operational methods from top to bottom in the effort to create an integrated approach to energy conservation, recycling and customer and employee education. With our branch network and customer base throughout Hampden and Hampshire counties we are confident that this is not only a responsible course of action, but one that will yield great results as well." |
