Black River Produce approved for state loan

The Vermont Economic Development Authority (VEDA) has approved a $927,155 Direct Loan to Black River Produce to partially finance its new Net Metering Solar Power Project.
The company is completing the installation of three new solar panel arrays totaling 674KW at its headquarters and distribution facilities in North Springfield in the former Idlenot Dairy on River Street and in the former Ben & Jerry’s facility on Fairbanks Road. People’s United Bank is also considering approval of a $927,155 long term loan to partially fund the project. The balance of the $3 million project will be funded by the principals with help from federal and state renewable energy tax credits.

The Net Metered solar installation has begun producing power and is expected to be fully operational by August, 2013. The system is expected to produce enough renewable electricity to cover most of Black River Produce’s electrical needs for refrigeration and lighting at both facilities over the next 25 years.

Begun in 1978, Black River Produce distributes fresh produce from wholesale producers and local Vermont farms and processors to a wide variety of customers, including colleges and universities, traditional restaurants, food cooperatives and small groceries. The company’s geographic market has expanded over the years to include all of Vermont, western New Hampshire, northwestern Massachusetts, and a small section of eastern New York State. The company currently has 150 employees, a number expected to increase to 190 within three years of the project.