Three Oklahoma rural electric cooperatives will be getting more than $65 million in USDA loan guarantees to improve the delivery of electric power to rural communities, according to Agriculture Secretary Tom Vilsack. They are among $1.4 billion in loan guarantees made to more than 30 cooperatives in 21 states.
The money will not only be used to upgrade thousands of miles in power lines nationwide but also include installation of smart grid technologies. The Northeast Oklahoma Electric Co-op based in Vinita will get the largest loan guarantee in Oklahoma, one totaling $33 million for 100 miles of line improvements and smart technology totaling $7,630,343.
The Caddo Electric Co-op headquatered in Binger will get a $32,400,000 loan guarantee to make improvements to 330 miles of rural electric lines. Smart grid improvements will total $1,269,615.
The Southwest Rural Electric Association out of Tipton, serving both Oklahoma and Texas is getting a loan guaratee of $10,500,000 for improvements to 453 miles of lines. Its Smart Grid improvements will total $181,004.
One of the largest loan guarantees nationally is a $161 million dollar loan to Georgia’s Sawnee Electric Membership Corporation to help improve more than 800 miles of transmission ad distribution line. More than $6 million will fund amart grid projects.