$11.9M loan OK’d for energy upgrades at Guam airport

Posted on Jul 05 2012

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WASHINGTON, D.C.-The U.S. Department of Agriculture Rural Development has approved an $11.9 million Community Facility Loan for the Guam International Airport Authority to finance energy efficient upgrades identified in an energy audit conducted by Johnson Controls.

The loan will help the GIAA save approximately $1.9 million in annual energy costs. The primary loan lender is First Hawaiian Bank. USDA selected First Hawaiian Bank to encourage increased partnerships on other Guam projects.

USDA Rural Development provides a credit enhancement to help finance community facilities in rural areas. Through the Community Facility Guaranteed Loan Program, Rural Development guarantees up to 90 percent of loss of principal and interest on loans made and serviced for construction or improvements of community facilities that provide essential public services in rural areas.

“More energy efficient systems at Guam International Airport are important to maintaining our position as one of the top U.S. destinations for foreign visitors,” said Delegate Madeleine Z. Bordallo (D-GU). “Energy efficiency will help provide savings that is critical for the long-term operation of the airport.  Moreover, it is important that the federal government continue its investment in the island. I will continue to support these efforts and look forward to seeing these funds benefit our community.”

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