USDA investing $33 million in loans for Southwest Electric Co-Op
Published 4:54 pm Monday, January 30, 2023
WASHINGTON D.C — U.S. Department of Agriculture (USDA) Secretary Tom Vilsack today announced the Department is investing $2.7 billion to help 64 electric cooperatives and utilities to expand and modernize the nation’s rural electric grid and increase grid security. Southwest Electric Co-Op in Mississippi will receive $33,070,000 in loans for projects.
“These critical investments will benefit rural people and businesses in many ways for decades to come,” Vilsack said. “This funding will help rural cooperatives and utilities invest in changes that make our energy more efficient, more reliable, and more affordable. Investing in infrastructure – roads, bridges, broadband and energy – supports good-paying jobs and keeps the United States poised to lead the global economy.”
Constituents of Senators Roger Wicker and Cindy Hyde-Smith and Representatives Michael Guest and Bennie Thompson will see the funding applied to electric projects.
USDA reports the loan will be used to connect 3,397 customers and build or improve 248 miles of line. The loan will include $3,618,360 in smart grid technologies. Southwest Electric is head quartered in Lorman and serves 25,516 customers with 4,213 miles of line in nine counties including Lincoln County.
Southwest Electric is also investing money in the Linbrook industrial park by building a new regional headquarters