X-Caliber Rural Capital (“XRC”) and L’Anse Warden Electric Company (“LWEC”), a subsidiary of Greenwood Sustainable Infrastructure (“GSI”), have closed on a refinancing for LWEC’s biomass power plant located in Michigan’s Upper Peninsula (“UP”).
This refinancing, in part backed by the USDA’s Business & Industry (“B&I”) loan program, enabled LWEC to refinance short-term financing, which was utilized for various capital improvements and investments to the plant.
In addition to providing a competitive long-term financing solution, the transaction will enable a continued positive impact on the UP’s rural community economy.
LWEC’s biomass plant will continue to provide reliable baseload power to the UP’s grid and support the region’s energy infrastructure. This is all made possible through the experience, dedication, and expertise of the local workforce.
Working with XRC has allowed LWEC to access financing with impact – an effective solution for the good of the community, including local job creation and retention.
X-Caliber Rural Capital’s B&I program supports many rural business development projects, including business expansion, business acquisition, equipment purchases and installation, and working capital.
This transaction outlines how USDA programs support job retention and creation in rural communities nationwide.
LWEC’s commitment to providing renewable energy throughout our community and region remains steadfast, and this collaboration with XRC will further strengthen that commitment for the foreseeable future. LWEC and GSI are thankful for XRC’s partnership and advocacy and look forward to working with them in the years ahead.