USDA awards $70.4 million in small interest loans to improve Virginia electric infrastructure
The U.S. Department of Agriculture (USDA) on Thursday awarded more than $70.4 million to help finance projects for rural electric utilities in the state of 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,” U.S. Sen. Mark Warner (D-VA) said. “These low-interest loans will help improve reliability for rural residents and businesses, which in turn strengthens our entire economy.”
A $28,162,000 loan will go to the BARC Electric Cooperative in Millboro to improve 63 miles of electrical line, fund smart grid projects and construct the first phase of a system-wide fiber optic communication network. Additionally, a $23,800,000 ARC loan will go to Central Virginia Electric Cooperative in Arrington to build and improve 301 miles of electrical line, make system improvements and fund smart grid projects.
An $18,500,000 loan will go to Northern Neck Electrical Cooperative in Warsaw to build and improve 89 miles of electrical line, fund smart grid projects and make system improvements.
In addition to the funding, the USDA will award a $375,000,000 loan to the National Rural Utilities Finance Corporation.
