USDA ANNOUNCES $250 MILLION IN RURAL ELECTRIC LOANS
Electric Service Expanded in Seven States to Serve 9,800 Future Consumers
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WASHINGTON, August 19, 2004 - Agriculture Secretary Ann M. Veneman today announced the approval of $250 million for ten loan applications to expand rural electric service in seven states. These funds further bolster the President's goal to improve the quality of life in rural communitie
"Upgraded or expanded electric infrastructure is important for rural communities to ensure economic opportunities for their residents," said Veneman. "These funds further demonstrate this Administration's dedication in supporting local job-creating business opportunities."
Through USDA Rural Development's utilities program, loans are made available to finance the construction or replacement of electric transmission and generation facilities in rural areas. This program provides reliable, affordable electricity to the nation's rural communities. Funding of selected applicants will be contingent upon meeting the conditions of the loan agreements.
In fiscal year 2003, the Bush Administration invested over $6.3 billion in grants, loans and loan guarantees to support the development and/or improvements to rural electric, telephone and water/wastewater infrastructure that helped create or save an estimated 150,000 jobs. The funds announced today will serve 9,842 future customers, build 626 miles of new line and fund general system-wide modernization.
The following electric loan applications have been approved:
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Applicant
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Funds to Serve
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State
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Loan Amount
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Central Iowa Power
Cooperative To construct a generation unit.
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50 counties in central Iowa
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IA
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$101,681,000
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Corn Belt Power Cooperative
To construct a generation unit.
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34 counties west-central
Iowa
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IA
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$74,026,000
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Franklin Rural Electric
Cooperative Construct 14 miles of new distribution lines Serving 80 new
consumers
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Butler, Cerro, Gordo,
Floyd, Franklin, Hardin and Wright Counties
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IA
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$956,000
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Blue Grass Energy
Cooperative Corporation Construct 106 miles of new distribution line
Serving 3,200 new consumers
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Nelson, Shelby, Spencer,
Washington, Bracken, Grant, Harrison, Henry, Nicholas, Pendleton, Robertson,
Scott, Jackson, Anderson, Bourbon, Bracken, Estill, Fayette, Franklin,
Garrard, Jessamine, Madison, Mercer and Woodford Counties
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KY
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$29,281,000
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South River Electric
Membership Corporation Construct 132 miles of new distribution line
Serving 2,312 new consumers
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Harnett, Johnston,
Cumberland, Sampson and Bladen County
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NC
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$15,000,000
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KBR Rural Public Power
District Construct 20 miles of distribution lines Serving 200 new
consumers
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Brown, Cherry Holt, Keya
Paha, Loup and Rock Counties
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NE
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$4,000,000
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Fergus Electric
Cooperative, Inc. Construct 71 miles of new distribution line Serving 380
new consumers
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Cascade, Choteau, Fergus,
Golden Valley, Judith Basin, Meagher, Mussellshell, Petroleum, Stillwater,
Treasure, Wheatland, and Yellowstone Counties
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MT
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$5,938,000
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Big Horn Rural Electric
Company Construct seven miles of new distribution line - Serving 319 new
consumers
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Montana: Big Horn and
Carbon Counties
Wyoming:
Big Horn, Park, Sheridan and Washakie Counties
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MT
WY
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$3,704,000
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Bartlett Electric
Cooperative, Inc. Construct 124 miles of new distribution line Serving
1,491 new consumers
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Bell, Milam, Williamson and
Burleson Counties
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TX
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$6,843,000
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Central Texas Electric
Cooperative Construct 152 miles of new distribution lines Serving 1,860
new consumers
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San Saba, McCulloch,
Blanco, Gillespie, Kerr, Kendall, Kimble, Llano, Menard, Mason and Real
Counties
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TX
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$9,000,000
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USDA Rural Development's mission is to deliver programs that will support increasing economic opportunity and improve the quality of life of rural residents. As a venture capital entity, Rural Development provides equity and technical assistance to finance and foster growth in homeownership, business development and critical community and technology infrastructure. Additional information about rural programs is available at a local USDA Rural Development office or on USDA's Web site at http://www.rurdev.usda.gov.
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