PacifiCorp was offered up to $3.52 billion on Thursday to finance construction of 700 miles of transmission lines in Oregon, Idaho, Utah and California. PacifiCorp owns Pacific Power – Oregon’s second-largest electric company.

It’s one of eight loans totaling almost $23 billion offered by the U.S. Department of Energy as part of the Biden administration’s push to reshape the country’s power grids.

The loan offers come at a time when power grids across the country face growing strain. Investment in renewable energy sources has been outpacing the Pacific Northwest’s ability to keep up with new transmission line construction. Utilities are also under growing scrutiny for power failures linked to downed lines.

PacifiCorp spokesperson Simon Gutierrez said there’s not much the company can share about its offer yet – or where it will spend if it agrees to accept the loan.

“PacifiCorp is continuing to work with the DOE on loan guarantee conditions and has not made definitive decisions on what loan amounts it will utilize or which projects the loans will be used towards the conditional guarantee,” Gutierrez said in an email.

The Energy Department says the low-interest loan could save the utility’s customers a billion dollars on their rates – and could make the grid more reliable while supporting new transmission.

Pacific Power has `raised rates in recent years, including a 9.8% residential rate hike this month. Customers are paying more, in part, to cover the cost of infrastructure investments. But liability related to wildfires sparked by the company’s power lines has been a bigger expense.