Northland Partners with ARDC on Wind Energy Revolving Loan Fund

The Northland Foundation has partnered with the Arrowhead Regional Development Commission (ARDC) to administer a new revolving loan fund that will provide early-stage project development and feasibility analysis for community-based wind energy projects. The revolving loan fund will be available in Aitkin, Carlton, Cook, Itasca, Koochiching, Lake, and St. Louis counties.

The revolving loan fund is part of the Rural Energy Development Initiative (REDI), a state-wide program addressing community-based wind energy development. REDI loan financing is limited to early stage project development and feasibility analysis for wind energy electric generation projects that intend to sell the electricity to an electric utility. Maximum loan size is $25,000 for any one project and/or borrower.

ARDC serves as the regional REDI organizer for northeastern Minnesota, and the Northland Foundation is the acting loan partner for the revolving loan fund.

For more information regarding the revolving loan fund and/or the application process, please see ARDC's website or contact Bonnie Hundrieser (ARDC) at 218-529-7527.