The Water Infrastructure Finance Authority of Arizona (WIFA) announced today that it had closed a $500,000 20-year DWSRF loan with the City of Coolidge. The loan carries a 1.739% interest rate and features $125,000 in Principal Forgiveness.
The loan will fund the design and construction of a large scale on-site 151 kilowatt (kW) solar array to provide a renewable energy source to the City's Wastewater Treatment Plant (WWTP). It is estimated that the solar system will offset 22% to 25% of the WWTP’s annual usage (kWh).
WIFA is a governmental organization dedicated to protecting public health and promoting environmental quality through financial assistance for water and wastewater infrastructure. WIFA is Arizona's administrator of the Clean water and Drinking Water State Revolving Funds (CWSRF and DWSRF) and provides funding for drinking water, wastewater, and stormwater projects. The SRF programs function like infrastructure banks by providing low-interest loans to eligible recipients for drinking water and clean water infrastructure projects. Over the last 30 years, WIFA has proudly invested over $3 billion in Arizona's communities.