Santee Cooper extends statewide economic development grant program
MONCKS CORNER, S.C. – The Santee Cooper Board of Directors approved in December an extension through 2020 of the utility’s successful site readiness grant programs for electric cooperatives, other wholesale customers and direct retail customers. The Board also approved a new closing fund for its municipal wholesale and direct retail customers.
Working with the South Carolina Power Team, Santee Cooper established the site readiness grant program funds in 2014 to help produce market-ready sites that would increase South Carolina’s ability to recruit and retain industry. Since 2014, the wholesale grant funds have supported projects with capital investment totaling $565.8 million and 2,290 jobs.
A combined $8.5 million a year in grants will be available to eligible projects through the Power Team Site Readiness Fund (which will be funded in part by the electric cooperatives), the Municipal Site Readiness Fund and the new closing fund for Santee Cooper’s retail & wholesale municipal service customers. The site readiness grants are available to help acquire or improve industrial buildings, sites and other economic development assets. The closing fund is modeled after a similar grant program available in electric cooperative territory and would allow projects to seek funding in Santee Cooper’s direct retail or wholesale municipal service territory.
Santee Cooper’s site readiness grants are supported by the South Carolina Department of Commerce and the South Carolina Power Team and complement those organizations’ statewide economic development efforts as well.
“These grant programs have a very successful track record in attracting new capital investment and creating jobs,” said Pamela Williams, Santee Cooper’s senior vice president of corporate services. “We are pleased to extend these site readiness programs, and to introduce the new program.”