Public Power Daily Logo

Western Minnesota Municipal Power Agency to sell tax-exempt bonds next week

From the June 20, 2014 issue of Public Power Daily

Originally published June 20, 2014

By Jeannine Anderson
Editor, Public Power Daily

The Western Minnesota Municipal Power Agency (Western Minnesota) plans to price approximately $320 million of tax-exempt fixed-rate bonds the week of June 23 through a negotiated sale.

The largest portion of proceeds of the sale will be used for the development, construction, and equipping of the Red Rock Hydroelectric Project. The project will add hydroelectric generating facilities to the existing Red Rock Dam located on the Des Moines River near Pella and Knoxville in Marion County, Iowa. The power plant will have a nameplate capacity of 36.4 megawatts – enough to power about 18,000 homes.

In addition to the Red Rock project, a portion of the proceeds of the sale will be used to fund the remainder of Western Minnesota’s share of the CapX2020 transmission projects and for capital additions at existing generation and transmission facilities.

The sale will be led by book-running senior manager Citigroup with J.P. Morgan, Barclays, Wells Fargo, and US Bank serving as co-managers. There also will be a selling group consisting of Cronin & Co., D.A. Davidson, Edward D. Jones, Northland Securities, and RBC Capital Markets.


Be the first to rate this item!

Please Sign in to rate this.


  Add Your Comment

(1000 of 1000 characters remaining)

Vice President, Integrated Media and Communications
Meena Dayak

Editorial Director
Robert Varela

Editor, Public Power Daily
Jeannine Anderson

Communications Assistant
Fallon W. Forbush

Manager, Integrated Media 
David L. Blaylock

Integrated Media Editor 
Laura D’Alessandro