Sho-Me Power Corp. will receive a $90 million low-interest federal government loan to make improvements to its system, U.S. Sen. Claire McCaskill, D-Mo., announced Monday.
The U.S. Department of Agriculture approved the funds through its Rural Development program. The money will be used to build 24 miles of new transmission lines, make improvements to 108 miles of additional lines and make other system improvements. Sho-Me provides wholesale electrical service to municipalities and Intercounty Electric Cooperative in Texas County.
McCaskill believes federal grants and loans are a positive alternative to earmarks, which in the past have been authorized during a secretive process with little accountability. She said competitive federal grants and low-interest government loans bring federal assistance to Missouri in an honest and fiscally responsible manner.