USDA Issues Record Rural Utilities Loan for New Georgia Power Plant
The borrower is a wholesale supplier owned by 38 cooperatives serving nearly 5 million Georgians, and USDA said cheaper financing will help hold down electricity costs.
- By Danielle Naidu
- October 15, 2026
A new power plant under construction in Monroe County, Georgia, will be financed in part by a $3.3 billion federal loan announced Oct. 14.
The U.S. Department of Agriculture (USDA) loan goes to Oglethorpe Power Corp., which is building the Smarr Combined-Cycle facility. Oglethorpe is a wholesale power supplier owned by 38 distribution cooperatives. Those cooperatives serve nearly 5 million people across Georgia. Oglethorpe’s generation mix includes natural gas, coal, nuclear and hydroelectric resources.
USDA said the loan is the largest the Rural Utilities Service, part of USDA Rural Development, has ever made. The agency also said U.S. electricity demand is surging, driven by rapid advances in technology. It said the lower-cost financing will help hold down electricity costs for Georgia households.
