The US Environmental Protection Agency (EPA) issued its first-ever loan from the Water Infrastructure Finance and Innovation Act (WIFIA) program last week, to NACWA Member King County, Washington. The loan represents a key milestone in the maturation and implementation of the WIFIA program.
The loan will help finance the Georgetown Wet Weather Treatment Station, providing nearly half of its $275 million estimated cost. The facility aims to collect and treat up to 70 million gallons of wastewater and stormwater per day that would otherwise drain to Puget Sound. In addition to the environmental benefits, the project will have strong economic benefits in the form of 1,400 new jobs, job training, and apprenticeship opportunities throughout the life of the project.
NACWA applauds King County for their continued commitment to improving water quality by leveraging this innovative financing tool. For more information on WIFIA and the King County project, check out the EPA press release.