The Imperial Irrigation District (IID) Board of Directors on March 17 approved a Joint Exercise of Powers Agreement with the City of Coachella, California, establishing the Coachella Electric Financing Authority, a new partnership designed to support energy infrastructure investments that will strengthen electric service and accommodate continued growth in the City of Coachella.
The new authority creates a framework for the City of Coachella and California public power utility IID to collaborate on financing and developing electrical infrastructure improvements that ensure the community has the infrastructure needed to meet future demand, IID said.
Under this framework, the authority will be able to finance electrical infrastructure upgrades through bonds and other financing mechanisms, with projects identified collaboratively by IID and the City of Coachella. IID will continue operating and maintaining the infrastructure as part of its electric system.
“The Imperial Irrigation District is proud to partner with the City of Coachella to support the infrastructure needed for the community’s continued growth,” said Karin Eugenio, Chairwoman of the IID Board of Directors. “This agreement provides a practical framework that allows local leaders to invest in electric system improvements while maintaining the operational expertise of IID’s public power system.”
The authority is intended to facilitate the design, construction, and financing of infrastructure improvements that enhance the electrical system within Coachella. The projects supported through the authority are expected to help accommodate ongoing growth in the city while maintaining the high service standards of IID’s electric grid.
“IID has a long history of delivering reliable and affordable public power to communities across our service territory,” said Jamie Asbury, General Manager of Imperial Irrigation District. “The creation of the Coachella Electric Financing Authority gives us another tool to work collaboratively with local partners to deliver the infrastructure necessary to support growth and maintain strong electric service for Coachella residents.”
Initial infrastructure investments under the authority are estimated at approximately $42 million.
The authority will identify specific projects through future project agreements between IID and the Coachella Electric Financing Authority.
