Agriculture Secretary Tom Vilsack announced that 37 rural utilities and cooperatives in 20 states have been selected to receive guaranteed loans that will benefit more than 60,000 rural electric cooperative consumers by financing the construction and repair of almost 7,000 miles of distribution and transmissions lines.
“USDA is investing in electric infrastructure improvements to provide reliable and affordable power to homes and business in rural America,” Vilsack said. “These guaranteed loans will enable cooperatives to deliver better service to rural customers.”
The $1.2 billion in funding is being awarded through USDA Rural Development’s Electric Program. This program provides loans and guaranteed loans to electric utilities to upgrade, expand, maintain, and replace rural America’s electric infrastructure. The Electric Program also helps fund energy conservation and renewable energy system projects.
For example, Sand Mountain Electric Cooperative in Rainsville, Ala., has been selected for a $17 million guaranteed loan to build or improve 249 miles of distribution line and make other system improvements to serve 4,258 new and existing consumers.
Funding of each recipient is contingent upon their meeting the conditions of the guaranteed loan agreement. The following is a list of rural utilities that were selected to receive funding.
Sand Mountain Electric Cooperative has been selected for a $17,000,000 guaranteed loan to serve 4,258 new and existing consumers, build 215 miles of new distribution line, make improvements to 34 miles of distribution line, and make other system improvements.