MVEA Receives $82 Million Loan From USDA
— Loan will be used to upgrade infrastructure to meet demands of the growing cooperative —
June 11, 2018, Falcon, CO – On Thursday, the USDA announced in a press release their support of rural electric cooperatives by investing $309 million in federal loans for 16 electric cooperatives. Mountain View Electric Association, Inc. (MVEA) is the largest loan recipient, and will be using an $82 million loan for infrastructure upgrades and other system components.
“MVEA is one of the larger electric cooperatives in the state of Colorado, and we’re growing every year,” said Dave Waldner, Engineering Manager. “This loan will provide the financial capacity to upgrade distribution lines in our service territory and support our goal of providing reliable electricity to our members.”
In addition to rebuilding 197 miles of power lines, the funds are also earmarked for several other infrastructure projects, including: underground cable rejuvenation, substation upgrades in Falcon, Ellicott and Simla, above-ground pole replacements, copper weld replacements and more.
“All of the projects are aimed at keeping our equipment up-to-date and within rigid safety standards,” Waldner said.
The loans are being made through USDA’s Electric Infrastructure Loan and Loan Guarantee program, which helps finance generation, transmission and distribution projects; system improvements; and energy conservation projects in communities with populations of 10,000 or less.