MONROE COUNTY, Ga. — The U.S. Department of Agriculture announced Wednesday a $3.3 billion loan to Oglethorpe Power Corporation to finance the construction of the Smarr Combined-Cycle electric generating facility in Monroe County.
The transaction marks the largest loan issued in the history of the USDA Rural Development’s Rural Utilities Service. Federal officials said the low-cost financing comes during a nationwide surge in electricity demand driven by rapid technological advancements and is meant to help keep energy costs affordable for local residents.
U.S. Secretary of Agriculture Brooke L. Rollins announced the financing while visiting the construction site in Monroe County.
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Rollins emphasized the role of rural cooperatives in meeting expanding regional energy requirements.
“Historic times call for historic actions, and this tremendous investment in America’s electric power grid is evidence of President Trump’s focus on powering our nation forward,” Rollins said. “Great things are happening with our rural electric cooperatives nationwide and Oglethorpe Power is one example in Georgia through this project.”
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Rollins said the project, once complete, will generate reliable electricity, create jobs and bring more investment to rural America.
USDA Under Secretary for Rural Development Glen Smith said the funding aligns with National Cooperative Month, which highlights the role of energy cooperatives in rural areas.
“As we celebrate National Cooperative Month, this announcement highlights the vital role rural electric cooperatives play in powering our communities, supporting local economies and strengthening American energy independence,” Smith said. “President Trump and Secretary Rollins are doubling down on investments in our power grid to ensure rural America remains a driving force behind our nation’s economic prosperity.”
Oglethorpe Power is a power generation cooperative owned by 38 electric distribution cooperatives across Georgia.
The corporation’s leadership said federal support is what helps keep utility costs down for their customers. The organization provides wholesale power to nearly 5 million people through a mix of energy resources including natural gas, coal, nuclear and hydroelectric power.
“This historic loan will allow us to build the reliable generation Georgia families, farms and businesses need at a lower cost, helping our member cooperatives keep electricity affordable for the communities they serve,” Annalisa Bloodworth, president and CEO of Oglethorpe Power Corporation, said. “We are grateful to USDA and (Rural Utilities Service) for their longstanding partnership and for providing the lower-cost financing that helps electric cooperatives make critical investments in reliable, affordable power.”
The USDA said people can learn more about its investments across rural communities through the agency’s online Rural Data Gateway tool.
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