Hoosier Rural Electric Co-ops Land $161M in USDA Loans

Posted: Updated:
(Image courtesy of the South Central Indiana REMC.) (Image courtesy of the South Central Indiana REMC.)
MARTINSVILLE and LINDEN -

Two power cooperatives in Indiana will receive tens of millions of dollars in loans through a U.S. Department of Agriculture program. South Central Indiana REMC & SCI Security LLC in Martinsville has been awarded $100 million in funding and the Linden-based Tipmont REMC $61 million for infrastructure projects designed to boost reliability and resilience of electricity delivery.

SCI REMC's investment plans call for 28 miles of new line, 153 miles of improved line, system improvements and new smart grid technologies. The cooperative serves 33,500 residents and currently has some 3,600 miles of line.

Tipmont, which has customers in Benton, Boone, Carroll, Clinton, Fountain, Montgomery, Tippecanoe and White counties, is looking to build 33 new line miles, improve 95 miles, make system improvements and install smart grid tech. Its current footprint includes nearly 2,700 miles of line serving over 27,000 customers.

In all, the USDA's investment totals $1.6 billion for 46 rural electric utility infrastructure projects in 24 states. Assistant to the Secretary for Rural Development Anne Hazlett says "reliable and affordable power is an underpinning for economic development and quality of life. Under the leadership of Secretary Sonny Perdue, USDA is committed to being a strong partner in building prosperity in rural communities through the sustainment and modernization of rural electric infrastructure."

You can connect to the full list of recipients by clicking here.

  • Perspectives

    • Take Time to Face Reality

      When is the last time that you as a business owner truly stopped for 30 minutes or an hour and truly took some quiet time to reflect on your business? Like most owners, it’s probably been quite some time. We all get busy doing things, working hard, taking care of customers, running the business. But if we don’t take some time each day, week, month or quarter to slow down, we are setting ourselves up for failure. Business leaders and owners need the time to slow down to...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • (Image courtesy of INDOT)

      Noblesville Details Infrastructure Improvement Projects

      The city of Noblesville announced plans for a major infrastructure partnership with the Indiana Department of Transportation that includes five new roundabout intersections. The $16 million total cost of the project will be split with INDOT covering $9.5 million.

    • (Photo Courtesy: Roche Diagnostics)

      Roche VP on List of Influential Women Executives

      An executive with Roche Diagnostics has joined an exclusive list of prominent and influential women, including Oprah Winfrey and Serena Williams.  Cindy Carlisle, Vice President of Human Resources at Roche Indy, was named to Savoy Magazine’s 2019 Most Influential Women in Corporate America. 

    • (photo courtesy of Drink Culture)

      Hosts Turn Podcast Into Business

      It's easy to find podcasts on nearly any topic these days, however the creators behind one Indianapolis-based podcast have found a way to turn their hobby into a viable business. The Drink Culture Podcast, which spotlights entrepreneurs, though leaders and creators in Indy, is celebrating a special declaration by the city.

    • Elanco is headquartered in Greenfield.

      Elanco Finishes Deal on Pet Therapeutics Purchase

      Greenfield-based Elanco Animal Health Inc.(NYSE: ELAN) completed its purchase Thursday of Aratana Therapeutics (Nasdaq: PETX), a pet therapeutics company located near Kansas City. As Inside INdiana Business first reported Tuesday Aratana shareholders voted overwhelmingly in favor of the $245 million deal. 

    • (Image provided by the Capital Improvement Board.)

      Indy Alters Plans for Downtown Hotels

      The city of Indianapolis has announced plans to change the framework for a major project in downtown Indy that has sparked controversy. The $120 million project, announced in October 2018, calls for an expansion of the Indiana Convention Center and two new hotels at Pan Am Plaza, which would add about 1,400 rooms. The project has drawn criticism from a group of hoteliers, who have expressed concern of a potential oversaturation in downtown Indy. Indianapolis Mayor Joe Hogsett issued...