Indiana Coop Becomes 100 Percent CFC Borrower
Posted on Jan 21, 2014 in Financing | Comments Off on Indiana Coop Becomes 100 Percent CFC Borrower
Indiana coop Jackson County Rural Electric Membership Corporation (Jackson County REMC) recently refinanced $100,000 in outstanding debt, making it a 100 percent National Rural Utilities Cooperative Finance Corporation (CFC) borrower. Jackson County REMC initially joined CFC in 1999. The coop is also currently implementing its first-ever capital credits general retirement. Read more...
Alaska Coop Purchases Clean Coal Plant
Posted on Jan 14, 2014 in Financing, Grid & Infrastructure, Project Development | Comments Off on Alaska Coop Purchases Clean Coal Plant
Golden Valley Electric Association (GVEA), based in Fairbanks, Alaska, recently purchased a 50-MW clean coal project from the Alaska Industrial Development and Export Authority, with the help of a $45 million, 30-year loan from the National Rural Utilities Cooperative Finance Corporation. The project, the Healy Unit 2 power plant, will be shored up with an additional $37 million in...
Texas Coop Refinances with CFC
Posted on Jan 7, 2014 in Financing | Comments Off on Texas Coop Refinances with CFC
Swisher Electric Cooperative, based in Tulia, Texas, recently reached out to the National Rural Utilities Cooperative Finance Corporation (CFC) to refinance $10 million in outstanding debt from other lenders. This move, combined with a long-standing relationship with CFC, makes Swisher officially a 100-percent CFC borrower. Read more here.
Fitch Releases Positive Report on Electric Coops
Posted on Jan 6, 2014 in Financing | Comments Off on Fitch Releases Positive Report on Electric Coops
Fitch Ratings (Fitch) released a January 6 report on electric coops that highlights their generally strong financial position. The report called the electric coop sector fundamentally sound and said that coops are experiencing “a financial coming of age.” Fitch noted that in addition to factors that have traditionally strengthened the financial position of coops like the existence of...
New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Posted on Dec 30, 2013 in Corporate Governance, Financing, Grid & Infrastructure, Patronage Capital | Comments Off on New York Coop Refinances with CFC, Changes Patronage Capital Distribution Policy
Otsego Electric Cooperative (OEC), based in Hartwick, New York, recently refinanced its outstanding debt owed to other lenders with the National Rural Utilities Cooperative Finance Corporation (CFC), becoming the first 100% CFC borrower in the state. OEC, which serves about 4,500 members in the area between the Catskill and Adirondack mountain ranges, also worked with CFC to develop a...
GTC Extends $275 Million Syndication with CFC
Posted on Dec 17, 2013 in Financing, Grid & Infrastructure | Comments Off on GTC Extends $275 Million Syndication with CFC
Georgia Transmission Corporation (GTC), based in Tucker, Georgia, obtained an “amend and extend” transaction that extended the maturity date of a $275 million, five-year syndicated revolving credit facility with the National Rural Utilities Cooperative Finance Corporation (CFC) by two years. The facility was originally arranged in November 2011. GTC uses the facility primarily to...
USDA to Provide More than $1.8 Billion in Funding
Posted on Dec 16, 2013 in Financing, Grid & Infrastructure, Innovation/Efficiency, Legislative & Politics, Project Development, Regulation & Policy, Reliability, Renewable Energy, Technology | Comments Off on USDA to Provide More than $1.8 Billion in Funding
Agriculture Secretary Tom Vilsack announced on Friday that the United States Department of Agriculture (USDA) will provide over $1.8 billion to fund electric utility infrastructure improvements in 25 states and one territory. The USDA-funded improvements include smart grid and renewable energy projects and the building or improvement of more than 6,500 miles of transmission lines. ...
Kansas Coop Set for Largest Patronage Capital Return in Its History
Posted on Dec 10, 2013 in Corporate Governance, Financing, Patronage Capital | Comments Off on Kansas Coop Set for Largest Patronage Capital Return in Its History
Ark Valley Electric Cooperative (Ark Valley) will return more than $2 million in patronage capital to its members later this month. The return of patronage capital will represent Ark Valley’s largest retirement of owners’ equity since the cooperative was incorporated in 1939. Click here for more.
USDA Unveils Energy Efficiency Program for Rural Coops
Posted on Dec 5, 2013 in Climate Change, Energy Savings Programs, Financing, Innovation/Efficiency, Legislative & Politics, Regulation & Policy, Technology | Comments Off on USDA Unveils Energy Efficiency Program for Rural Coops
The U.S. Department of Agriculture (USDA) will provide funding to rural coops and utilities to help boost energy efficiency improvements by commercial and residential customers. The Energy Efficiency and Loan Conservation Program plans to provide up to $250 million to rural coops which will, in turn, lend the money to customers to fund energy efficiency projects. To learn more, click...
Federal Judge Removes Montana Coop’s Bankruptcy Trustee
Posted on Dec 2, 2013 in Financing, Litigation | Comments Off on Federal Judge Removes Montana Coop’s Bankruptcy Trustee
In November, a U.S. Bankruptcy Judge ruled to remove the trustee overseeing the bankruptcy proceedings of Southern Montana Electric Generation and Transmission Cooperative (Southern Montana). The judge noted that because Southern Montana’s members are now in agreement to liquidate the cooperative’s plant and assets and the bankruptcy trustee has failed to obtain confirmation of his...
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