Fri, Dec 19, 2014 18:09
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Navarro Utility To Receive $15.8 Million USDA Loan

Texas Business reports:  Navarro County Electric Cooperative Inc. will receive a $15.8 million loan to make grid improvements.

The money was part of $900 million in funding loans by the USDA to benefit more than 19,000 rural consumers in 14 states.

“Rural electric cooperatives provide direct jobs and support economic growth in our rural communities,” said Agriculture Secretary Tom Vilsack in a prepared statement.  “By financing electrical system improvements USDA and the Obama Administration helps ensure sustainable growth and business job creation. Investments in smart grid technologies will give rural electric utilities and their consumers one more tool to better manage use of electricity, increase reliability and lower costs.”

Navarro County Electric Cooperative Inc. will receive $15,800,000, to build 148 miles of new distribution line, improve 253 miles of existing distribution line, and make other system improvements.

 The $900 million in loans announced today are provided by USDA Rural Development's Rural Utilities Service (RUS) to help electric utilities upgrade, expand, maintain and replace rural America's electric infrastructure. RUS funding will help build nearly 1,500 miles of line and improve more than 1,700 miles of existing line in rural areas. More than $19 million will finance smart grid technologies.