Three Tennessee electric companies receive $75.5 million

in federal loans for rural infrastructure

WASHINGTON, Aug.19, 2009 – Agriculture Secretary Tom Vilsack today announced that 46 rural utilities and cooperatives in 30 states have been selected to receive $1.16 billion in loans to build and repair 11,249 miles of distribution and transmission lines and make system improvements that will benefit 109,250 rural customers. Three companies will use $75.5 million for improvements in counties across southern Middle Tennessee.

"Our rural communities need reliable, affordable electric service to support business expansion and broaden economic opportunities, and President Obama is delivering on his commitment to invest in America’s infrastructure and create jobs," Vilsack said. "These loans will spur growth in rural America by helping cooperatives and rural utilities deliver improved service to more customers."

Below is a complete list of the selected borrowers.  Funding of each loan recipient is contingent upon the recipient meeting the conditions of the loan agreement.

Tennessee:

·         Meriwether Lewis Electric Cooperative; $15,000,000 loan

·         Duck River Electric Membership Corporation; $47,500,000 loan

·         Sequachee Valley Electric Cooperative; $13,000,000 loan

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            Arkansas, Oklahoma, and Texas:

·         Southwest Arkansas Electric Cooperative Corporation; $40,000,000 loan

Colorado and Nebraska:

·         Highline Electric Association; $4,121,000 loan

Colorado, Nebraska, New Mexico, and Wyoming:

·         Tri-State Generation and Transmission Association, Inc.; $102,511,000 loan

Florida:

·         West Florida Electric Cooperative Association, Inc.; $19,845,000 loan

·         Talquin Electric Cooperative, Inc.; $47,571,000 loan

Idaho and Montana:

·         Missoula Electric Cooperative, Inc.; $17,837,000 loan

Idaho, Nevada, and Utah:

·         Raft River Rural Electric Cooperative, Inc.; $7,225,000 loan

Illinois:

·         Monroe County Electric Cooperative, Inc.; $7,000,000 loan

Iowa:

·         Southwest Iowa Rural Electric Cooperative; $6,000,000 loan

Kansas:

·         Heartland Rural Electric Cooperative, Inc.; $10,600,000 loan

·         Flint Hills Rural Electric Cooperative Association, Inc.; $5,000,000 loan

·         The Lane-Scott Electric Cooperative, Inc.; $9,860,000 loan

Kentucky:

·         Big Sandy Rural Electric Cooperative Corporation; $10,397,000 loan

·         East Kentucky Power Cooperative, Inc.; $140,716,000 loan

·         Grayson Rural Electric Cooperative Corporation; $16,438,000 loan

Louisiana:

·         Southwest Louisiana Electric Membership Corporation; $71,247,000 loan

·         Northeast Louisiana Power Cooperative, Inc.; $9,200,000 loan

Maine:

·         Fox Islands Wind, LLC; $9,500,000 loan

Minnesota:

·         Stearns Cooperative Electric Association; $20,000,000 loan

·         Crow Wing Cooperative Power and Light Company; $28,000,000 loan

Mississippi:

·         Magnolia Electric Power Association; $31,000,000 loan

·         South Mississippi Electric Power Association; $55,663,000 loan

Missouri:

·         New-Mac Electric Cooperative, Inc.; $5,800,000 loan

·         Citizens Electric Corporation; $26,000,000 loan

North Carolina:

·         Central Electric Membership Corporation; $7,500,000 loan

·         Rutherford Electric Membership Corporation; $16,000,000 loan

North Dakota:

·         McLean Electric Cooperative, Inc.; $6,500,000 loan

North Dakota and Minnesota:

·         Square Butte Electric Cooperative; $13,235,000 loan

Ohio:

·         Consolidated Electric Cooperative, Inc.; $21,182,000 loan

Oklahoma:

·         Verdigris Valley Electric Cooperative, Inc.; $15,246,000 loan

·         Northwest Oklahoma Electric Cooperative; $19,370,000 loan

Oklahoma and Texas:

·         Southwest Rural Electric Association, Inc.; $4,628,000 loan

Pennsylvania:

·         REA Energy Cooperative, Inc.; $17,850,000 loan

South Carolina:

·         Horry Electric Cooperative, Inc.; $118,935,000 loan

South Dakota:

·         Central Electric Cooperative, Inc.; $11,412,000 loan

·         Butte Electric Cooperative, Inc.; $13,331,000 loan

South Dakota, Iowa, and Minnesota:

·         Sioux Valley – Southwestern Electric Cooperative, Inc.; $40,697,000 loan

South Dakota, Montana, and North Dakota:

·         Grand Electric Cooperative, Inc.; $10,890,000 loan

Texas:

·         Rita Blanca Electric Cooperative, Inc.; $12,216,000 loan

·         Rusk County Electric Cooperative, Inc.; $13,164,000 loan

·         San Patricio Electric Cooperative, Inc.; $8,545,000 loan

Virginia:

·         Central Virginia Electric Cooperative; $24,000,000 loan

Wisconsin:

·         Jump River Electric Cooperative, Inc.; $4,000,000 loan

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 and affordable rental housing, finances business development, and supports the creation of critical community and technology infrastructure. Last year Rural Development assisted more than 678,000 Tennessee families and businesses, investing more than $435 million through affordable loans, loan guarantees and grants.

Rural Development contacts in Tennessee may be found at www.rurdev.usda.gov/tn.

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