MEA to break ground on Eklutna plant

PALMER — Matanuska Electric Association has announced it intends to break ground on its power plant this month and also that it has secured $250 million in loans to build it.

The ceremony marking the start of construction of the Elsie E. Lois Lester Generation Station at Eklutna is set for June 26.

The $250 million in loan money was approved at a June 11 meeting of MEA’s board of directors. The money comes from the National Rural Utilities Cooperative Finance Corp., which signed off on the deal last month, offering the money at a 2.49 percent interest rate.

MEA intends to draw on the money as it builds the generation station, which is set to be complete in 2014.