WASHINGTON — Senator Chuck Grassley said today that the U.S. Department of Agriculture, Office of Rural Development is awarding two loan guarantees totaling $16,957,000 through the Electric Guaranteed Loan program.
"These funds will help these electric cooperatives improve service to their customers," Grassley said.
The Electric Loan program assists rural areas in the financing of construction of electric distribution, transmission, and generation facilities, including system improvements and replacement required to furnish and improve electric service, as well as demand side management, energy conservation programs and on-grid renewable energy systems.
The Office of Rural Development will distribute the loan guarantees as shown below.
v Maquoketa Valley Rural Electric Cooperative in Anamosa will receive a loan guarantee of $9 million to help build 43 miles of new distribution lines, make improvements to 45 miles of distribution lines and make other system improvements. This project will serve 410 new consumers in Buchanan, Cedar, Clayton, Clinton, Delaware, Dubuque, Jackson, Jones and Linn counties.
v Nobles Cooperative Electric in Worthington, Minnesota will receive a loan guarantee of $7,957,000 to help build 35 miles of new distribution lines, make improvements to 137 miles of distribution lines and make other system improvements. This project will serve 188 new consumers in Lyon and Osceola counties in Iowa and several counties in Minnesota.