USDA guarantees $40m loan for Va. electric co-op

CREWE, Va. (AP) — The U.S. Department of Agriculture is guaranteeing a $40 million loan for Southside Electric Cooperative for system improvements.

The loan will be used to build or improve more than 1,300 miles of line. The funding includes more than $8 million for smart grid projects.

Agriculture Secretary Tom Vilsack said Wednesday that the USDA awarded loan guarantees totaling more than $263 million to rural electric systems in eight states. The loans will be used to modernize systems and improve their reliability.

Southside Electric Cooperative is based in Crewe and serves more than 45,000 members throughout southern and central Virginia.

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