Agriculture Secretary Announces Award of Grants in 11 States
Posted on May 23, 2013 in Financing, Grid & Infrastructure, Innovation/Efficiency, Project Development | Comments Off on Agriculture Secretary Announces Award of Grants in 11 States
Several coops in 11 states have received funding from the USDA Rural Economic Development Loan and Grant program. This round of funding highlights USDA’s continued focus on carrying out its mission to strengthen the rural economy. The coops that received funding include East Mississippi Electric Power Association, Western Illinois Electrical Coop., Three Notch Electric Membership...
Indiana Coop and CFC “Amend & Extend” Line of Credit
Posted on May 20, 2013 in Financing, Grid & Infrastructure, Innovation/Efficiency, Project Development | Comments Off on Indiana Coop and CFC “Amend & Extend” Line of Credit
Hoosier Energy Rural Electric Cooperative (Hoosier), based in Indiana, and the National Rural Utilities Cooperative Finance Corporation (CFC) have finalized a deal to “amend and extend” a $400 million line of credit. The line of credit, which has an original maturity date of August 11, 2016, will now remain in place through April 30, 2018. Hoosier’s plans for the credit line include...
Massachusetts Solar Project Obtains Important Financing
Posted on May 15, 2013 in Financing, Renewable Energy | Comments Off on Massachusetts Solar Project Obtains Important Financing
On May 13, Broadway Electrical Co., Inc. announced that its financial partner, Rockland Capital, LLC of Texas and New York, has secured $120 million in financing from Deutsche Bank and Key Bank for its solar energy projects planned for Cape Cod and Martha’s Vineyard. This financing will provide for 37 MW of solar energy, including 24 MW for Cape & Vineyard Electric Cooperative,...
Texas Coop Positioned for Long-Term CFC Relationship
Posted on May 14, 2013 in Financing, Grid & Infrastructure, Project Development | Comments Off on Texas Coop Positioned for Long-Term CFC Relationship
Bluebonnet Electric Cooperative, located in Bastrop, Texas, has refinanced $92 million of debt to borrow wholly from the National Rural Utilities Cooperative Finance Corporation (CFC). Bluebonnet has decades of experience with the CFC, which has accommodated the coop’s changing financial plans and borrowing needs. To learn more, click here.
Obama Administration Proposes New Restrictions on RUS Financing
Posted on May 14, 2013 in Climate Change, Environmental, Financing, Grid & Infrastructure, Legislative & Politics, Renewable Energy | Comments Off on Obama Administration Proposes New Restrictions on RUS Financing
The Department of Agriculture announced a fiscal 2014 budget of $4 billion for the Rural Utilities Service (RUS) Electric Loan Program. Of that amount, $3 billion would be earmarked for renewable energy projects with the remaining $1 billion held for environmental upgrades. The proposed budget provides no money for other distribution or transmission projects, a void that lawmakers...
Four Coops to Receive RUS Loans
Posted on May 6, 2013 in Financing, Grid & Infrastructure, Project Development | Comments Off on Four Coops to Receive RUS Loans
Colorado-based Tri-State Generation and Transmission Association (Tri-State), Georgia-based Blue Ridge Mountain Electric Membership Corporation, Texas-based Rio Grande Electric Cooperative and Ohio-based Logan County Cooperative Power & Light Association will receive more than $126 million in loans from the Rural Utilities Service (RUS) for infrastructure upgrades, including $20...
Kentucky Coops Tentatively Agree to Power Provider Setup
Century Aluminum of Kentucky, Big Rivers Electric Corporation and Kenergy Corp. have agreed to a framework for providing market-priced power to the Hawesville smelter located in Hancock County, Kentucky. Under the agreement, which is subject to further negotiations and approval by various third parties, the coops would purchase power on the open market and pass it through to Century...President’s 2014 Budget Includes Restrictions on Amounts and Use of RUS Loans
Posted on Apr 12, 2013 in Financing, Legislative & Politics, Regulation & Policy, Renewable Energy | Comments Off on President’s 2014 Budget Includes Restrictions on Amounts and Use of RUS Loans
Under the proposed 2014 federal budget, the lending authority of the Rural Utilities Service (RUS) would be decreased from $6.5 billion to $4 billion, which RUS projects will be sufficient to meet the demand from borrowers. Of this new amount, $3 billion will be earmarked for generation with carbon sequestration and renewable energy, including peaking plants to complement intermittent...
USDA Announces Funding for Rural Electric Cooperatives
Posted on Apr 10, 2013 in Financing, Grid & Infrastructure, Legislative & Politics, Reliability | Comments Off on USDA Announces Funding for Rural Electric Cooperatives
Today the U.S. Department of Agriculture (USDA) announced plans to provide nearly $280 million in funding for projects designed to improve rural electric service. The funds, which will address service in rural areas across 13 states, will contribute to the construction of more than 1,900 miles of new or improved transmission and distribution lines. For a complete list of rural...
CFC Finalizes “Amend and Extend” Deal for Ohio G&T
Posted on Apr 9, 2013 in Financing | Comments Off on CFC Finalizes “Amend and Extend” Deal for Ohio G&T
The National Rural Utilities Cooperative Finance Corporation (CFC) recently closed an “amend and extend” (A&E) transaction for Columbus, Ohio-based Buckeye Power Inc. An A&E transaction allows the borrower to change the terms of an existing credit agreement, such as the maturity date and pricing, typically in exchange for a fee and, unlike refinancing, the original loan...
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