Warner & Kaine Announce $41 Million in Federal Funds for Virginia Electric Projects
WASHINGTON, D.C. – U.S. Sens. Mark R. Warner and Tim Kaine (both D-VA) today announced the U.S. Department of Agriculture (USDA) is supporting two major projects designed to increase the reliability of rural electric utility systems in Virginia. The Senators today announced two low-interest loans of $25 million to the Northern Neck Electric Cooperation in Warsaw, Va., and $16 million to the Central Virginia Electric Cooperative in Palmyra, Va., through the Electric Loan Program, which targets rural regions where capital is limited to finance infrastructure upgrades, create jobs, and improve rural electric customers' operations in Virginia.
“We applaud this investment in Virginia’s rural communities,” said the Senators. “These low-interest loans will help improve reliability for local residents and businesses, which in turn strengthens our entire economy.”
The $41 million in funding will be disbursed to the following electric cooperatives in Virginia:
- $25,000,000 in loans to the Northern Neck Electric Cooperation in Warsaw, VA to build and improve 40 miles of electrical line, fund smart grid projects, and make system improvements. Northern Neck Electric Cooperation will also use the funding to install 45 miles of fiber-optic communication lines.
- $16,000,000 in loans to the Central Virginia Electric Cooperative in Palmyra, VA to build and improve 27 miles of electrical line, fund smart grid projects, and make system improvements.