A sale price on VEA’s transmission system was not revealed, but officials at the association say members netted far in excess of what it cost to build.
In a statement, VEA Chief Executive Officer Thomas Husted said the cooperative took an $80 million asset and sold it for far more than it cost to build and will continue to operate, maintain and manage.
“What’s nice about that is, that’s all new money,” Husted said. “That’s not money that’s already in this community that’s being recycled. That’s $17.5 million of brand new money coming from elsewhere into this community, and you’re going to see it.”
