2 Indiana REMCs receiving $43 million in federal loans

INDIANAPOLIS (AP) – Two Indiana rural electric cooperatives are receiving a combined $43 million in federal loans to build up and improve their infrastructures.

The U.S. Department of Agriculture says Southeastern Indiana REMC will receive a $20 million loan and Tipmont REMC will receive a $23 million loans. The loans include nearly $6 million for smart grid improvements at Tipmont REMC and nearly $1.9 million at Southeastern Indiana REMC.

Smart grid increases the reliability of electric power by helping utilities better manage the electric grid to improve efficiency.

The loans were among a total of nearly $2.3 billion to 77 utilities and cooperatives in 31 states.