A new district energy project in Saint Paul, Minnesota, received an $4.7 million loan from Minnesota’s newly created green bank through the Minnesota Climate Innovation Finance Authority (MnCIFA) — the first loan it has approved since its creation.
The new system will be one of the first aquifer thermal energy storage systems in Minnesota at The Heights — a 112-acre, mixed-use redevelopment project that will bring 1,000 new housing units and 1,000 living wage jobs to Saint Paul. The loan will enable the installation of essential infrastructure for the geothermal district energy system as development moves forward this summer.
The Heights Community Energy will own and operate the geothermal system under the direction of District Energy St. Paul, a long-standing nonprofit utility partner to the City of Saint Paul, and the Saint Paul Port Authority, owner and master developer of The Heights.
Congratulations to the entire team, including our partners at the City of Saint Paul and the Saint Paul Port Authority. Building a low-carbon energy system that lowers utility bills and carbon footprints for future tenants is a big step toward reaching the environmental and justice aspirations set by the community for The Heights redevelopment.
MEDIA COVERAGE:
Planners of “The Heights’ project in St. Paul hope to harness geothermal energy to provide heat, air conditioning
KTSP, April 3, 2024
“Minnesota “green bank” to fund geothermal system for new community”
ThinkGeoEnergy, March 29, 2024
“Newly-created state Climate Innovation Finance Authority awards first geothermal loan to The Heights”
Pioneer Press, March 28, 2024
“Saint Paul’s The Heights to Undergo Sustainability Boost with $4.7M”
Hoodline, March 28, 2024
“State ‘green bank’ funds its first climate project in St. Paul”
MPR News, March 28, 2024
“The Heights gets $4.7M loan for clean energy”
Finance & Commerce, March 27, 2024
Press Release from the Department of Commerce
Minnesota Department of Commerce, March 27, 2024
Press Release from the City of Saint Paul
Saint Paul Minnesota, March 27, 2024