Decatur County REMC to Receive USDA Loans
(stock photo courtesy: Pixabay/Jim Semonik)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowDecatur County REMC is set to receive $6.5 million in loans from the U.S. Department of Agriculture to help provide reliable electric service to about 400 of its customers and communities.
The Greensburg-based electric cooperative says the low-interest loans allow DCREMC to strategically manage long term debt for capital improvement projects while balancing equity and impact to the member-consumer. With yesterday’s announcement of USDA’s Electric Loan Program, DCREMC will tackle a number of electric infrastructure improvement projects.
“It is exciting to know that our legislators…are supporting the initiatives of electric co-ops and the rural communities we serve,” said DCREMC Chief Executive Officer Brett Abplanalp.
Indiana is one of 16 states to receive a portion of $900 million in loans through USDA’s Electric Loan Program.
“It is fundamentally important to Indiana’s 38 not-for-profit electric cooperatives to sustain and improve the overall economic health and quality of life in the communities we serve,” said John Gasstrom, chief executive officer of Indiana Electric Cooperatives. “Access to low-interest loans like those awarded by the USDA Wednesday allows cooperatives to make sensible infrastructure investments to maintain affordable and reliable electric service.”
According to USDA, the money can be used in a variety of ways, upgrades to power lines, installation of smart grid technology and improved broadband connections in rural America.
“Access to a viable broadband connection impacts nearly every rural community and industry in the nation, from agriculture to health care and medicine,” said Congressman Greg Pence (R-06).
Decatur REMC serves nearly 8,000 customers with more than 1,000 miles of line in six southeastern counties.