CORRECTED: Area electric co-op lands $10 million loan

CORRECTED: This story has been updated to correct inaccuracies regarding what the loan will be used for. Incorrect information originally was provided to the Telegraph Herald.

ANAMOSA, Iowa — An area electric cooperative has landed a $10 million federal loan.

Maquoketa Valley Electric Cooperative is receiving the U.S. Department of Agriculture Rural Development loan to “expand electrical service and install smart grid technologies in northeast Iowa,” according to a press release from U.S. Rep. Abby Finkenauer.

The 35-year loan “will fund investments to connect or upgrade 1,280 consumers and build or improve more than 45 miles of electrical lines,” according to the cooperative and Finkenauer, and “$4.4 million of the loan will go toward investments in smart grid technologies.”

The cooperative has about 16,000 members, and its service area includes Clayton, Delaware, Dubuque, Jackson and Jones counties.