WASHINGTON, D.C. (WDAM) - U.S. Senator Cindy Hyde-Smith announced Tuesday that the USDA’s Rural Development has awarded a $148.8 million loan to a Hattiesburg-based rural electric partnership to finance system upgrades in 55 counties.
The Electric Loan Program financing for Hattiesburg’s Cooperative Energy is among the loans issued to improve rural electricity services in 13 states.
“Greater demands are being made of rural electric cooperatives, and this long-term loan will allow Cooperative Energy to take on the evolving needs of rural Mississippians,” Hyde-Smith said in a news release. “I’m grateful USDA Rural Development is making this financing available.”
The 35-year loan will support environmental upgrades, gas turbine replacement, transmission line and substation construction and other improvements within Cooperative Energy’s jurisdiction, according to Hyde-Smith.
Tom Hall, Cooperative Energy’s senior vice president and chief financial officer, released the following statement regarding the loan: