EPA Announces 100th WIFIA Loan, Investing $115 Million to Improve Resilience to Extreme Weather in Santa Clara County, California
Publilshed by the U.S. Environmental Protection Agency (EPA)
WASHINGTON – Today, the U.S. Environmental Protection Agency (EPA) announced two Water Infrastructure Finance and Innovation Act (WIFIA) loans totaling $115 million to Santa Clara Valley Water District in Santa Clara County, California, to improve resiliency of their water infrastructure including preparing for a seismic retrofit of Anderson Dam. This announcement marks the 99th and 100th loans for EPA’s WIFIA program which has invested $17 billion in America to rebuild the nation’s water infrastructure.
“From our first loan to Seattle in 2018 to today’s announcement of our 100th loan to Santa Clara, EPA’s WIFIA program has benefited over 50 million people across the country and created 123,000 jobs,” said EPA’s Assistant Administrator for Water Radhika Fox. “Ensuring access to clean, safe water is essential. Thanks to the Biden-Harris Administration’s historic $50 billion investment in America through the Bipartisan Infrastructure Law and the availability of other financing options like WIFIA, EPA’s efforts to address critical upgrades to water systems in communities is unprecedented.”
Santa Clara Valley Water District protects residents from the impacts of both storms and drought, and ensures reliable, safe drinking water to Santa Clara residents. Today’s announcement includes two WIFIA loans, one for $41 million to support the Safe, Clean, and Natural Flood Protection Program, and the other for $74 million to support the planning and design costs of the Anderson Dam Seismic Retrofit Project.
“We know making smart investments in water infrastructure and technology today remains the most cost-efficient way to ensure Santa Clara County has enough safe, clean water now and into the future,” said John L. Varela, Valley Water Board Chair. “Thanks to WIFIA, we can do this in a cost-effective manner to benefit our rate and taxpayers.”
The Safe, Clean, and Natural Flood Protection Program $41 million investment will help upgrade and add channel restoration projects in Sunnyvale, San Jose, and surrounding areas in California to manage stormwater that impacts residents, schools, and businesses. Additionally, Santa Clara Valley Water District will improve water quality by implementing erosion control measures that will protect wildlife habitats and enhance recreational opportunities adjacent to waterways.
The Anderson Dam Seismic Retrofit Project will modernize Santa Clara Valley Water District’s largest reservoir to restore lost capacity, address seismic deficiencies, and protect public safety. Santa Clara Valley Water District’s initial $74 million WIFIA loan will support the planning and design costs of the project facilitating these critical first steps in advancing a major infrastructure improvement project. Santa Clara Valley Water District will use financing from a future WIFIA loan to construct the projects. This is the first loan under another master agreement that will commit an additional $580 million in WIFIA assistance to accelerate implementation of Santa Clara Valley Water District’s nearly $1.2 billion Anderson Dam Seismic Retrofit Project.
Since the WIFIA program’s inception six years ago, borrowers nationwide have closed 100 loans totaling $17 billion to help finance $36 billion in their critical water infrastructure projects. Borrowers have saved over $5 billion and created 123,000 jobs. These projects will benefit over 50 million people resulting in 1.2 million people receiving safer drinking water and 1,100 million gallons per day of wastewater receiving more treatment before it is discharged to waterways.
As a result of the WIFIA program’s flexibility and competitive rates, EPA estimates the Santa Clara Valley Water District will save approximately $47 million by financing these two loans with the WIFIA program. Furthermore, the District anticipates further savings – totaling $256 million – across both projects’ master agreements. Construction and operation are estimated to create 742 jobs.
In addition to WIFIA loans, there are many federal funding resources available for communities and utilities to improve vital water and wastewater resources. The Bipartisan Infrastructure Law provides a historic $50 billion investment in upgrading critical water, wastewater and stormwater infrastructure. The Clean Water and Drinking Water State Revolving Funds have successfully provided more than $210 billion in financial assistance since 1988. Learn more here about the WIFIA program and other water infrastructure investments.
Background
Established by the Water Infrastructure Finance and Innovation Act of 2014, the WIFIA program is a federal loan and guarantee program administered by EPA. The WIFIA program’s aim is to accelerate investment in the nation’s water infrastructure by providing long-term, low-cost supplemental credit assistance for regionally and nationally significant projects. The WIFIA program has an active pipeline of pending applications for projects that will result in billions of dollars in water infrastructure investment and thousands of jobs.
EPA is currently accepting letters of interest for WIFIA and SWIFIA loans. Learn more about submitting a letter of interest for a WIFIA or SWIFIA loan.
Read the full article at: https://www.epa.gov/newsreleases/epa-announces-100th-wifia-loan-investing-115-million-improve-resilience-extreme
