Funds to help region finance projects in rural Virginia to increase electric utility reliability
Oct 27 2016
WASHINGTON – Today, U.S. Senators Mark R. Warner and Tim Kaine (both D-VA) announced that the U.S. Department of Agriculture (USDA) has awarded more than $70.4 million to help finance projects to increase reliability of rural electric utility systems in Virginia. These loans, which are part of the Electric Program of the Rural Utilities Service, are targeted to rural regions where capital is limited, and will help finance infrastructure upgrades, create jobs and improve operations for rural electric customers in Virginia.
“Infrastructure investments like these will promote job growth, and many rural communities in Virginia need help bringing their utility systems to 21st century standards,” said Sen. Warner. “These low-interest loans will help improve reliability for rural residents and businesses, which in turn strengthens our entire economy.”
The $70.4 million in funding will be disbursed to the following electric cooperatives in Virginia:
- $28,162,000 in loans to the BARC Electric Cooperative in Millboro, VA to build and improve 63 miles of electrical line, fund smart grid projects, and make other system improvements. BARC Electric Cooperative will also use the funding to construct the first phase of a system-wide fiber-optic communication network.
- $23,800,000 ARC loan to Central Virginia Electric Cooperative in Arrington, VA to build and improve 307 miles of electrical line, fund smart grid projects and make other system improvements.
- $18,500,000 loan to Northern Neck Electrical Cooperative in Warsaw, VA to build and improve 89 miles of electrical line, fund smart grid projects and make other system improvements.
Additionally, under this announcement, USDA will award a $375,000,000 loan to the National Rural Utilities Finance Corporation, which is headquartered in Sterling, VA and serves electric cooperatives across the country.