Thursday, June 04, 2009

USDA Awards $1 Billion For Rural Utility Loans

USDA today announced that 37 rural utilities and cooperatives in 29 states have been selected to receive more than $1 billion in loans to build and repair more than 10,000 miles of distribution and transmission lines and make system improvements that will benefit 60,000 rural customers. These investments help rural electric cooperative utilities continue to provide reliable and affordable electric power to their communities. To date, 402 rural electric cooperatives have used USDA Rural Development's Energy Resources Conservation program to increase energy efficiency, conservation and demand management initiatives.

The funding announced today is being provided through USDA Rural Development's Electric Programs which provides loans and loan guarantees to help utilities, cooperatives, states and local governments provide or improve electric service in rural areas. The Electric Program also helps finance energy conservation and renewable energy systems.

For example, the Delaware Electric Cooperative, Inc. in Greenwood, Del., has been selected to receive a $21 million loan to build and improve 717 miles of distribution lines and make system improvements for more then 6,225 new and existing customers. The West Central Electric Cooperative, Inc., in Higginsville, Mo., been selected to receive a $12.9 million loan to build and make improvements to 169 miles of distribution and transmission lines and make other system improvements. As a result, service will be provided to 1,059 new and existing customers. Funding of each loan recipient is contingent upon the recipient meeting the conditions of the loan agreement.

Below is a complete list of the selected borrowers.

2009 Electric Loan Borrowers/State Borrower Loan Amount

Arkansas Farmers Electric Cooperative Corporation $6,523,000 Arkansas, Louisiana Ashley-Chicot Electric Cooperative, Inc. $5,255,000 Arizona, California, New Mexico Arizona Electric Power Cooperative, Inc. $36,032,000 Colorado San Miguel Power Association, Inc. $5,100,000 Delaware Delaware Electric Cooperative, Inc. $21,000,000 Florida Withlacoochee River Electric Cooperative, Inc. $119,930,000 Georgia, Alabama, Florida Georgia Transmission Corporation $171,629,000 Iowa East-Central Iowa Rural Electric Cooperative $12,000,000 Iowa Rural Electric Convenience Cooperative, Co. 7,000,000 Illinois Menard Electric Cooperative $8,500,000 Kansas The Ark Valley Electric Cooperative Association, Inc. $9,335,000 Kansas The Brown Atchison Electric Cooperative Association $2,562,000 Minnesota Goodhue County Cooperative Electric Association $6,447,000 Minnesota Wild Rice Electric Cooperative, Inc. $10,000,000 Missouri West Central Electric Cooperative, Inc. $12,865,000 Missouri Sac Osage Electric Cooperative, Inc. $5,500,000 Missouri, Iowa, United Electric Cooperatives, Inc. $18,951,000 Missouri, Iowa, Oklahoma, Associated Electric Cooperative, Inc. $40,000,000 Missouri, Iowa, Oklahoma Associated Electric Cooperative, Inc. $160,000,000 Mississippi Southwest Mississippi Electric Power Association $11,726,000 Montana Fergus Electric Cooperative, Inc. $14,991,000 North Carolina Albermarle Electric Membership Corporation $11,500,000 North Carolina, Virginia Mecklenburg Electric Cooperative $35,000,000 New Mexico Continental Divide Electric Cooperative, Inc. $19,862,000 New Mexico, Texas Lea County Electric Cooperative, Inc. $34,865,000 Oklahoma Indian Electric Cooperative, Inc. $16,290,000 Oregon Tillamook People's Utility District $14,000,000 South Carolina York Electric Cooperative, Inc. $46,743,000 South Carolina Santee Electric Cooperative, Inc. $48,390,000 South Carolina Little River Electric Cooperative, Inc. $15,216,000 South Dakota Lacreek Electric Association, Inc. $5,000,000 Tennessee Gibson Electric Membership Corporation $7,600,000 Tennessee Appalachian Electric Cooperative $30,000,000 Virginia Rappahannnock Electric Cooperative $11,400,000 Washington Nespelem Valley Electric Cooperative, Inc. $2,253,000 Wisconsin Vernon Electric Cooperative $14,500,000 Wyoming, Colorado, Nebraska High West Energy, Inc. $26,312,000

USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development fosters growth in homeownership, finances business development, and supports the creation of critical community and technology infrastructure. Further information on rural programs is available at a local USDA Rural Development office or by visiting the USDA Rural Development Web Site

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