The Portland Water Bureau in Portland, Oregon is set to receive the largest ever Water Infrastructure Finance and Innovation Act (WIFIA) loan from the U.S. Environmental Protection Agency (EPA).
The $727 million fund will finance the Bull Run Treatment Program which will improve drinking water quality and reliability for nearly 1 million people by better controlling contaminants and lead while bolstering the system’s climate resiliency.
EPA’s Acting Assistant Administrator for Water Radhika Fox said: “EPA is excited to partner with Portland to announce one of the very first WIFIA loans closed by the Biden-Harris Administration and the largest WIFIA loan ever issued by the agency. This project and EPA’s WIFIA loan illustrate how strategic partnerships can improve public health and help address the impacts of climate change, while creating jobs and saving ratepayers money.”
With this loan closing, EPA has announced 45 WIFIA loans totalling more than $9 billion in credit assistance to help finance more than $19 billion for water infrastructure projects while creating almost 47,000 jobs.
The City of Portland’s Bull Run Treatment Program will construct a new filtration water treatment plant to remove the microorganism Cryptosporidium and other potential contaminants and water pipelines to connect the filtration facility to existing conduits. In addition, it will implement improved corrosion control treatment to further adjust the chemistry of Portland’s water and reduce potential levels of lead at the tap.
Portland Water Bureau Director Gabriel Solmer said: “Using WIFIA financing for most of the construction costs of the Bull Run Treatment Projects captures significant money-saving benefits for our ratepayers. Not only does WIFIA’s low interest rate guarantee savings, but its long-term repayment schedule doesn’t begin until the projects are built, and ratepayers are getting the benefits of the projects as they share in the costs.”
