Opalco Approved For Infrastructure Project Loan From USDA
Posted October 27, 2015 at 5:45 am by Tim Dustrude
OPALCO is among the 77 electric utilities recently approved for USDA Rural Utility Services (RUS) loans. OPALCO is approved for a loan of $17.1M to move forward with the submarine cable replacement for the Lopez to San Juan link, as forecast in our long-range and construction work plans. The loan amount also includes other transmission upgrade projects. Loan funds are not awarded in advance, but function as a line of credit, reimbursed as projects progress and as certified by RUS.
The US Agriculture Secretary Tom Vilsack today announced nearly $2.3 billion in loans to build and improve rural electric infrastructure in 31 states. The funding is provided through USDA Rural Development’s Electric Program, which makes loans and loan guarantees to non-profit and cooperative associations. Since 2009, USDA has funded $34 billion in electric loans and more than $1 billion for smart grid technologies.
A video about the OPALCO submarine cable project is available on YouTube.
Orcas Power & Light Cooperative (OPALCO) is a non-profit electrical utility serving about 11,200 co-op member-owners on 20 islands in San Juan County. OPALCO provides electricity that is 95% greenhouse-gas free, predominately generated by hydro-electric plants. OPALCO was founded in 1937 to deliver electricity and improve the quality of life in the San Juan islands.
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