Rural cooperatives get $130 million in loans

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Kentucky money budget revenue

LEXINGTON, Ky. (WTVQ) – Two Kentucky rural electric cooperatives are federal loans to upgrade their grids and extend coverage.

One loan to Owen Electric Cooperative is part of $1.6 billion in loans approved Monday by the U.S. Department of Agriculture.

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The Owen Electric Cooperative loan will connect 2,260 consumers along 103 miles of lines, and includes $4,517,800 in smart grid technologies.

Owen Electric is headquartered in Owenton, Ky., and provides service to 61,596 consumers over 4,565 miles of line in nine counties in northern Kentucky and one county in southeastern Indiana.

In another loan, Cumberland Electric Membership Corp. which is headquartered in Clarksville, Tenn. and straddles the state line serving Todd, Trigg, Simpson, Christian and Logan counties in Kentucky, received a 35-year, $93 million loan.

The money will be used to connect 9,676 consumers and build 160 miles of line. This loan includes $58,866,179 in smart grid technologies.
Cumberland provides service to approximately 98,000 accounts, across 8,078 miles of located to the north and west of Nashville, straddling the Tennessee-Kentucky border, serving seven counties in Tennessee and five counties in Kentucky.