Roe Announces $30 Million in Electric Loans from USDA to Strengthen Infrastructure in East Tennessee

Funds will serve new and existing customers in Hamblen, Sevier and Jefferson Counties

WASHINGTON, DC – June 10, 2009 – (RealEstateRama) – Today, Congressman Phil Roe (TN-1) announced the Appalachian Electric Cooperative in Hamblen, Sevier and Jefferson Counties have been selected to receive funds in loans to build and repair distribution and transmission lines as well as make system improvements that will benefit customers.

“I am pleased that Appalachian Electric Company in Hamblen, Sevier and Jefferson Counties will receive this funding,” said Roe. “This low interest loan will serve these counties by adding needed distribution lines and make necessary improvements to existing lines, which ultimately provides better service to consumers. I want to thank USDA for investing in East Tennessee’s infrastructure, which will provide new economic opportunities for our communities.”

Congressman Roe is a Member of the House Agriculture Committee, where he serves on the Rural Development, Biotechnology, Specialty Crops and Foreign Agriculture Subcommittee. This Subcommittee directly oversees USDA Rural Development.

These investments help rural electric cooperative utilities continue to provide reliable and affordable electric power to their communities.

The funding today is being provided by the USDA Rural Development’s Electric Programs which provides loans and loan guarantees to help utilities, cooperatives, states and local governments provide or improve electric service in rural areas. The Electric Program also helps finance energy conservation and renewable energy systems.

There is a guarantee on this loan for 34 years with Federal Financing Banks.