Link: http://www.usda.gov/2008/10/0254.xml
Release No. 0254.08
Contact:
Jay Fletcher (202) 690-0498
USDA AWARDS $1.3 BILLION IN ELECTRIC LOANS
Funds Will Help Nearly 85,000 Rural Customers
WASHINGTON, October 2, 2008 -Agriculture Secretary Ed Schafer today announced the selection of 44 rural utilities and cooperatives to receive $1.3 billion in loans to build and repair nearly 11,000 miles of distribution and transmission lines serving almost 85,000 customers in 24 states.
"USDA investments in the nation's rural electric system provide safe, reliable electricity to power homes and businesses," Schafer said. "These loans help strengthen rural communities."
The funding is being awarded through USDA Rural Development's Utilities Programs, which Congress authorized under the Rural Electrification Act of 1936.
For example, the Basin Electric Power Cooperative, in Bismarck, N.D., has been selected for a $325 million loan to finance the Leland Olds Station emissions control project to add sulfur dioxide controls for both of the Leland Olds Station units and nitrous oxide emissions control for Unit 2. The emissions control project is needed to meet Environmental Protection Agency regulations.
The Kamo Electric Cooperative has been selected to receive a $135 million loan to build 56 miles of new transmission line, 11 new substations, six communications systems and six warehouse/service projects in Oklahoma and Missouri.
The San Isabel Electric Association, in Pueblo, Colo., has been awarded a $46 million loan to build and repair 736 miles of distribution line and make other system improvements to serve 2,765 consumers in seven counties. USDA Rural Development has awarded approximately $29 billion in electric loans since 2001.
Funding of each recipient is contingent upon their meeting the conditions of the loan agreement. A complete list of the selected recipients is posted on the USDA Rural Development web site at http://www.rurdev.usda.gov/ElecLoan.pdf.
USDA Rural Development's mission is to increase economic opportunity and improve the quality of life for rural residents. Rural Development has invested more than $90 billion since 2001 for equity and technical assistance to finance and foster growth in homeownership, business development, and critical community and technology infrastructure. More than 1.7 million jobs have been created or saved through these investments. Further information on rural programs is available at a local USDA Rural Development office or by visiting USDA Rural Development's web site at http://www.rurdev.usda.gov .
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