Great River Energy awarded authority for issuance of Solid Waste Facilities Revenue Bonds
Maple Grove, Minn. – Great River Energy was recently awarded $30 million of volume cap – or authority by the state of North Dakota – for an upcoming issuance of Solid Waste Facilities Revenue Bonds by McLean County, North Dakota.
Together with an earlier North Dakota volume cap award of $25 million and anticipated refunding of prior bond issues, Great River Energy expects to issue up to $110 million of low cost, tax-exempt financing this spring to support capital projects at its power plants in North Dakota.
The funds will be used for refinancing and to build the infrastructure to collect and move solid waste at each of Great River Energy’s power plants including Spiritwood Station, Coal Creek Station and Stanton Station.
“Our ability to utilize tax exempt financing for solid waste facilities associated with our North Dakota plants is very important to Great River Energy,” said Larry Schmid, vice president and chief financial officer, Great River Energy. “We have great support from the state in facilitating our issuance of this low cost debt. This volume cap award enables us to keep rates to our members affordable while building the necessary infrastructure to operate our power plants.”
Great River Energy is committed to providing its member cooperatives with reliable energy at affordable rates in harmony with a sustainable environment.
Great River Energy is a not-for-profit cooperative which provides wholesale electric service to 28 distribution cooperatives in Minnesota and Wisconsin. Those member cooperatives distribute electricity to more than 639,000 member-consumers – or about 1.7 million people. With $3 billion in assets, Great River Energy is the second largest electric power supplier in Minnesota and one of the largest generation and transmission (G&T) cooperatives in the United States. Great River Energy’s member cooperatives range from those in the outer-ring suburbs of the Twin Cities to the Arrowhead region of Minnesota to the farmland of southwestern Minnesota. Great River Energy’s largest distribution cooperative serves more than 120,000 member-consumers; the smallest serves about 2,400.
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