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AGRICULTURE SECRETARY VILSACK AWARDS $2.4 BILLION IN ELECTRIC LOANS TO BOLSTER RURAL INFRASTRUCTURE
Investments Will Benefit Nearly 113,000 Rural Customers in 33 States
LAS CRUCES, N.M., Sept. 30, 2009 – Agriculture Secretary Tom Vilsack today announced that 58 rural utilities and cooperatives in 33 states have been selected to receive $2.4 billion in loans and loan guarantees to build and repair over 12,000 miles of distribution and transmission lines and make system improvements that will benefit almost 113,000 rural customers. Vilsack made the announcement during a Rural Tour stop in Las Cruces, N.M., as part of the Obama Administration's effort to develop infrastructure and build the economy of rural communities.
"President Obama and I understand the importance of repairing America's infrastructure to the long-term health and prosperity of our rural communities," said Vilsack. "These loans and guarantees will help rural utilities improve services, support renewable energy efforts, and create jobs across the country.
Several of the loan guarantees support renewable energy ventures. For instance in Fitzgerald, Ga., Fitzgerald Renewable Energy LLC has been selected to receive a $139 million loan guarantee to build a biomass-fueled power generating facility. The plant will utilize locally produced wood fuel waste to generate 55 megawatts of renewable electric power. The fuel typically will be waste wood provided by vendors within 50 miles of community.
Multitrade Rabun Gap LLC, located in Rabun Gap, Ga., has been selected to receive a $20.7 million loan guarantee to construct and operate a 17 megawatt wood-fueled biomass facility. The facility has a significant amount of existing equipment already on site, including a wood-fired boiler that was previously used to supply steam and electricity to a textile manufacturing operation. The new biomass facility will use native renewable fuel from the local forest industry and is expected to sell power to a Georgia cooperative under a long-term power purchase agreement.
These loans and loan guarantees are part of USDA Rural Development's annual budget and are not funded through the American Recovery and Reinvestment Act of 2009.
Below is a complete list of the borrowers. Each was selected for a loan guarantee unless otherwise specified. Funding of each loan recipient is contingent upon the recipient meeting the conditions of the loan agreement.
Golden Valley Electric Association Inc. – $65,328,000
Powersouth Energy Cooperative – $20,195,000
Craighead Electric Cooperative Corp. – $21,725,000
Clay County Electric Cooperative Corp. – $10,859,000
Petit Jean Electric Cooperative Corp. – $7,359,000
Southwest Transmission Cooperative Inc. – $48,072,000
Plumas-Sierra Rural Electric Cooperative – $20,928,000
Southeast Colorado Power Association – $11,682,000
Holy Cross Electric Association Inc. – $21,171,000
Central Florida Electric Cooperative, Inc. – $19,000,000
Hart Electric Membership Corporation – $52,170,000
Slash Pine Electric Membership Corporation – $6,000,000
Georgia Transmission Corporation – $152,419,000
Multitrade Rabun Gap LLC – $20,701,000
Fitzgerald Renewable Energy LLC– $139,000,000
Franklin Rural Electric Cooperative – $550,000
Clearwater Power Company – $13,463,000
Southern Illinois Power Cooperative – $29,489,000
Orange County Rural Electric Membership Corporation – $5,000,000
Tipmont Rural Electric Membership Corporation – $9,000,000
Harrison County Rural Electric Membership Corporation – $14,000,000
CMS Electric Cooperative Inc. – $12,400,000 direct loan
Lyon-Coffey Electric Cooperative Inc. – $8,201,000
Owen Electric Cooperative Inc. – $21,083,000
West Kentucky Rural Electric Cooperative Corp. – $20,000,000
South Kentucky Rural Electric Cooperative Corp. –$20,732,000
East Kentucky Power Cooperative, Inc. – $341,000,000
Dixie Electric Membership Corporation – $149,425,000
Southern Maryland Electric Cooperative, Inc. – $88,898,000
Fox Islands Electric Cooperative, Inc. – $985,000
Cloverland Electric Cooperative – $14,000,000
Federated Rural Electric Association – $4,740,000
Mille Lacs Energy Cooperative – $9,000,000
Pemiscot-Dunklin Electric Cooperative – $23,216,000
Callaway Electric Cooperative – $8,888,000
Associated Electric Cooperative – $199,275,000
Singing River Electric Power Association – $48,898,000
Natchez Trace Electric Power Association – $3,000,000
South Mississippi Electric Power Association – $62,903,000
Goldenwest Electric Cooperative, Inc. – $2,467,000 direct loan
Hill County Electric Cooperative, Inc. – $12,457,000
Lumbee River Electric Membership Corp. – $50,000,000
Basin Electric Power Cooperative – $101,500,000
East Central Oklahoma Electric Cooperative, Inc. – $11,153,000
Valley Rural Electric Cooperative, Inc. – $23,500,000
Bedford Rural Electric Cooperative, Inc. – $4,000,000
United Electric Cooperative, Inc. – $12,492,000 direct loan
Aiken Electric Cooperative, Inc. – $88,831,000
Berkeley Electric Cooperative, Inc. – $111,299,000
West River Electric Association Inc. – $36,879,000
Northern Electric Cooperative, Inc. – $13,625,000
Bon Homme Yankton Electric Association Inc. – $5,376,000
Cherry-Todd Electric Cooperative, Inc. – $13,204,000
Forked Deer Electric Cooperative, Inc. – $3,812,000
San Miguel Electric Cooperative, Inc. – $69,500,000
Benton Rural Electric Association – $10,661,000
St. Croix Electric Cooperative – $10,000,000
Powder River Energy Corporation – $117,861,000
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 USDA Rural Development's web site at http://www.rurdev.usda.gov .
USDA is an equal opportunity provider, employer and lender. To file a complaint of discrimination, write: USDA, Director, Office of Civil Rights, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (800) 795-3272 (voice), or (202) 720-6382 (TDD).