Village of Swanton

Franklin County

Population: 2,600

Keywords: electric generation facility, renewable energy, village

Issue

The Village electric department was well underway with the logistics of replacing a rubber dam on the village hydroelectric plant when it unexpectedly broke in summer 2017. Voter approval was quickly received and a long term source of finance was needed.

Bond Bank Solution

The Bond Bank approved a loan for long term financing of the repairs in the amount of $2.2 million. The long-term loan refunded an interim credit facility used to purchase the replacement rubber dam. The project was of key concern to the community as it ensured a renewable source of power for customers who have one of the lowest electric rates in the state. At full capacity, the dam can produce up to 58 thousand MWh annually. The replacement rubber dam was installed in the summer of 2018.