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$3.5 billion nuclear plant secures funding; seeks local approval
Alternate Energy Holdings, Inc. (AEHI), the company proposing to build a nuclear/biofuels complex near Grand View, recently announced that Cobblestone Financial Group, Inc., representing numerous investors and funding sources, has provided the company with a letter of intent to fund 100 percent of the project, estimated at $3.5 billion.
The financing package will include a construction to permanent conversion option upon construction completion.
"It is a construction loan that will convert to a permanent loan like a house mortgage when the plant starts operating. All large loans are paid out in phases or milestones...said another way, when the money is needed to pay a bill," explained Don Gillespie, President and CEO of AEHI.
Additionally, the financing package offers an option for the project to be structured in phases-the first phase is expected to begin in early fall 2007.
The Idaho Energy Complex, a holding of AEHI, is a proposed commercial nuclear power plant/bio-fuel generation facility to be constructed on a designated sight near Grand View, Idaho.
The electricity produced at the nuclear plant would be sufficient to power Idaho's growing needs and allow the elimination of fossil fuels for current power production.
Excess heat from the nuclear reactor would be used to produce ethanol and methane from local crops and agricultural waste.
Gillespie said the local permitting process is going forward. He said the Grand View meeting, held on May 31, was "very supportive", excepting comments from an anti-nuclear opponent.
"My informal poll of residents indicates high support for the plant, including those on the reservation (Duck Valley)," Gillespie said in an email last week.
The project still needs to get local approval before application is made to the Nuclear Regulatory Commission (NRC).
Alternative Energy Holdings actively acquires private green energy companies, and develops and markets innovative clean energy sources.
Current projects include nuclear construction, bio-fuel generation, a safe and effective system for removing carbon dioxide from coal and natural gas plant emissions, and marketable lightning harvesting technology for electricity production.