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Santee Cooper approves $4 million economic development loan to Cherokee County



03/23/2015


MONCKS CORNER, S.C. — Santee Cooper has approved a $4 million loan to Cherokee County for a 50,000-square-foot industrial spec building to help the county attract new industry and jobs.

The loan was approved through the Santee Cooper Economic Development Loan Program. The spec building will be located in Cherokee County's Upstate Corporate Park near Interstate 85. Broad River Electric Cooperative will distribute electricity to the site.

Santee Cooper's economic development loan program was established in 2012 as a resource for localities served by Santee Cooper, the state's electric cooperatives or municipal customers, to help those localities build spec buildings and other infrastructure and better compete for new or expanded industrial or commercial expansion. To date, Santee Cooper has approved loans to 20 entities, two of which already have announced tenants for buildings financed by the loan program:

• Wyman-Gordon, a manufacturer of large titanium and super alloy forgings for the aerospace and power generation markets, anticipates a capital investment of at least $115 million and 400 jobs at its new facility in Dillon County.

• Sigmatex, a world leader in the manufacturing of carbon fiber textiles, is investing $12 million initially in a new plant in Orangeburg County and plans to create 50 jobs there.

"Santee Cooper has a responsibility to promote economic development, and announcements like Wyman-Gordon and Sigmatex show the value of this loan program," said Lonnie Carter, president and CEO. "By providing financing to construct these critical spec buildings, we are helping South Carolina successfully compete for advanced manufacturing and the good jobs that come with it."

Santee Cooper is South Carolina's largest power provider, the largest Green Power generator and the ultimate source of electricity for 2 million people across the state. Through its low-cost, reliable and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper powers South Carolina. To learn more, visit www.santeecooper.com