Department Passes $250 Million Goal to Fund Smart Grid Technologies | |||
WASHINGTON, DC, September 20, 2012 - Agriculture Secretary Tom Vilsack today announced the latest in a series of loan guarantees to finance improved efficiency and modernization rural electric generation and transmission systems. Rural Development Under Secretary Dallas Tonsager made the announcement on Vilsack's behalf during a speech in Minneapolis to the National Rural Electric Cooperative Association. "These loan guarantees will bring expanded, modern electric services to rural businesses and residential customers," Vilsack said. "Several of the loans include funding to help utilities and cooperatives adopt smart grid technologies to modernize electric systems." One of the guaranteed loan recipients is Nobles Cooperative Electric, which serves several counties in southwestern Minnesota as well as Lyon and Osceola counties in northwestern Iowa. Nobles has been selected for a $6.7 million loan guarantee to build and improve 63 miles of distribution line and make other system improvements. The loan amount includes $850,000 in smart grid projects. Residents elsewhere in Iowa will benefit from loans to rural utilities and cooperatives. Associated Electric Cooperative, Inc. is receiving a $24.6 million loan guarantee to build new substations, a new switching station and a spare transformer to improve service for customers in Iowa, Missouri and Oklahoma. The Gundy Electric Cooperative, Inc., which serves customers in Iowa and Missouri, has been selected for a $5 million loan guarantee to build and improve 18 miles of distribution line and make other system improvements. The loan amount includes over $700,000 in smart grid projects. Secretary Vilsack announced earlier this month that USDA met its goal to finance $250 million in smart grid technologies in fiscal year 2012. Today's announcement includes support for nearly $10 million in smart grid technologies. The following is a list of rural utilities that will receive USDA funding, which is contingent upon the recipient meeting the terms of the loan agreement. Georgia
Kansas
Minnesota and Iowa
Missouri
Missouri and Iowa
Missouri, Iowa and Oklahoma
Nebraska
Texas
Virginia
The $168 million in loan guarantees announced today are provided by USDA Rural Development's Rural Utilities Service. The funding helps electric utilities upgrade, expand, maintain and replace rural America's electric infrastructure. USDA Rural Development also funds energy conservation and renewable energy projects. For information on other RD projects, please visit Rural Development's new interactive web map at: http://www.rurdev.usda.gov/ President Obama's plan for rural America has brought about historic investment and resulted in stronger rural communities. Under the President's leadership, these investments in housing, community facilities, businesses and infrastructure have empowered rural America to continue leading the way - strengthening America's economy, small towns and rural communities. USDA's investments in rural communities support the rural way of life that stands as the backbone of our American values. President Obama and Agriculture Secretary Tom Vilsack are committed to a smarter use of Federal resources to foster sustainable economic prosperity and ensure the government is a strong partner for businesses, entrepreneurs and working families in rural communities. USDA, through its Rural Development mission area, administers and manages housing, business and community infrastructure programs through a national network of state and local offices. Rural Development has an active portfolio of more than $172 billion in loans and loan guarantees. These programs are designed to improve the economic stability of rural communities, businesses, residents, farmers and ranchers and improve the quality of life in rural America. # USDA is an equal opportunity provider and employer. To file a complaint of discrimination, write: USDA, Office of the Assistant Secretary for Civil Rights, Office of Adjudication, 1400 Independence Ave., SW, Washington, DC 20250-9410 or call (866) 632-9992 (Toll-free Customer Service), (800) 877-8339 (Local or Federal relay), (866) 377-8642 (Relay voice users). |
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