ALEXANDRIA, Va. (WDVM) — Alexandria Renew eEnterprises, an organization that cleans waste water in the city, has secured a loan for their River Renew Project.
Alex Renew has received a $321 million loan through the U.S. Environmental Protection Agency’s water infrastructure finance and innovation act.
The loan will go towards the creation of the River Renew Tunnel Project, a two-mile long, 12-foot wide tunnel that will replace the decades-old piping under the city.
The tunnel will prevent roughly 130 million gallons of sewage from entering the Potomac River each year. This loan will fund half of the $615 million capital cost.
“Closing at this time allowed Alex Renew to to take advantage of what we’re seeing as historically low interest rates, which ultimately minimizes the rate impacts for our customers, and is huge from that standpoint,” said Caitlin Feehan, Program Director for River Renew.
The loan will help speed up the timeline of the project.
“WIFIA is a Federal loan program designed to accelerate investment in water infrastructure by providing long-term, low-cost assistance for significant water projects nationwide,” said a press release.