The Coachella Electric Financing Authority was formed Tuesday, a partnership between the Imperial Irrigation District and the city of Coachella to collaborate on energy infrastructure investments within the city.
“The Imperial Irrigation District is proud to partner with the city of Coachella to support the infrastructure needed for the community’s continued growth,” Karin Eugenio, chairwoman of the IID Board of Directors, said in a statement. “This agreement provided a practical framework that allows the reliability and operational expertise of IID’s public power system.”
The authority was created when the IID’s Board of Directors approved a Joint Exercise Power Agreement with the city Tuesday that will allow them to fund and construct electric infrastructure upgrades, with an initial investment of roughly $42 million.
The CEFA will identify specific projects through future agreements, officials said.
“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 economic development and maintain strong electric service for Coachella residents,” IID General Manger Jamie Asbury said.