INDIANAPOLIS, Jan. 30, 2023 – U.S. Department of Agriculture (USDA) Rural Development Indiana State Director Dr. Terry Goodin announced today the USDA is investing $91 Million to help four electric cooperatives and utilities expand and modernize the Indiana’s rural electric grid and increase grid security.
“Investments like the Electric Loan Program benefits rural Hoosiers, people and businesses, for years to come,” Goodin said. “This funding will help Hoosier rural cooperatives and utilities invest in changes that make energy more efficient, more reliable, and more affordable. Additionally, funding these areas will improve Indiana infrastructure and bring good-paying jobs to Indiana.”
USDA is investing in 64 projects through the Electric Loan Program. This funding will benefit nearly 2 million rural people and businesses in Alabama, Arkansas, Colorado, Florida, Georgia, Iowa, Indiana, Kentucky, Michigan, Minnesota, Mississippi, Montana, Nebraska, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, South Carolina, South Dakota, Tennessee, Texas, Virginia, Washington and Wisconsin.
The loans include $613 million to help rural utilities and cooperatives install and upgrade smart grid technologies. Smart grid can be a catalyst for broadband and other telecommunications services in unserved and underserved rural areas in addition to improving grid security and reliability.
The four Hoosier areas receiving funding are:
- The Tipmont Rural Electric Membership Corporation (REMC) is receiving a $42 million loan to connect 1,350 consumers and build and improve 678 miles of line. This loan includes various smart grid projects in the amount of $16,689,068 including the installation of 573 miles of fiber to connect the cooperative headquarters with its substations. Tipmont REMC is headquartered in Linden, Indiana, and provides service to 28,850 consumers over 2,700 miles of line in eight counties in western Indiana.
- The Harrison County Rural Electric Membership Corporation located in Harrison County, IN, is receiving a $23 million loan to connect 1,454 consumers and build and improve 137 miles of line. This loan includes $2,830,292 in smart grid technologies. Harrison County is headquartered in Corydon, Indiana, and serves an average of 23,633 members through 2,490 miles of energized line in Harrison, Floyd, Crawford, Clark and Washington counties in Southern Indiana.
- The Marshall County Rural Electric Membership is receiving a $10 million loan to connect 220 consumers and build and improve 75 miles of line. This loan includes $993,809 in smart grid technologies. Marshall County REMC is headquartered in Plymouth, Indiana, and serves 7,334 consumers over 1,043 miles of line in six counties in northern Indiana.
- Southern Indiana Power is receiving a $16 million loan to connect 600 consumers and build and improve 98 miles of line. This loan includes $1,087,286 in smart grid technologies. Southern Indiana is headquartered in Tell City, Indiana, and serving on average 9,460 consumers over 1,673 of line throughout five counties in southern Indiana.
USDA’s Electric Loan Program can help finance wind, solar and natural gas plants, as well as improvements to produce cleaner energy from coal-fired plants. Local utilities also use the loans to invest in infrastructure to deliver affordable power to millions of residential, commercial and agricultural consumers.
Rural Development provides loans and grants to help expand economic opportunities, create jobs and improve the quality of life for millions of Americans in rural areas. This assistance supports infrastructure improvements; business development; housing; community facilities such as schools, public safety and health care; and high-speed internet access in rural, Tribal and high-poverty areas. For more information, visit www.rd.usda.gov/in.
USDA touches the lives of all Americans each day in so many positive ways. Under the Biden-Harris Administration, USDA is transforming America’s food system with a greater focus on more resilient local and regional food production, promoting competition and fairer markets for all producers, ensuring access to safe, healthy and nutritious food in all communities, building new markets and streams of income for farmers and producers using climate-smart food and forestry practices, making historic investments in infrastructure and clean energy capabilities in rural America, and committing to equity across the Department by removing systemic barriers and building a workforce more representative of America. To learn more, visit www.usda.gov.
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