Fitch ‘A’ rating for NCPA geothermal project bonds
Alexander Richter
16 Feb 2009
Northern California Power Agency (NPCA) issued up to US$38 million Geothermal Project Number 3 Revenue bonds, series 2009A, for which Fitch affirms its 'A' rating.
Announced by Fitch Ratings, Northern California Power Agency (NPCA) issued up to US$38 million Geothermal Project Number 3 Revenue bonds, series 2009A, for which Fitch affirms its ‘A’ rating. At the same time the rating agency affirms the ‘A’ rating on NCPA’s outstanding US$52.3 million geothermal project revenue bonds and US$478.5 million hydroelectric project number 1 bonds, with an overall rating outlook of “Stable”.
NCPA, a not-for-profit joint power agency representing 17 member communities and districts in Northern and Central California, operates two geothermal power plants of 110 MW each at The Geysers geothermal field, located in the Mayacamas mountains of Sonoma and Lace Counties. The company also owns and operates 70 deep production wells that supply these plants with steam.
The revenue bonds are issued to finance “certain capital improvements at the project, fund a debt service reserve fun, and pay costs of issuance. Capital improvements to the project will include installation of a new low-pressure turbine in one of the units and acquisition of a spare turbine rotor and the construction of two small solar projects that will provide energy for pumping the treated effluent that is injected into the steam fields. Bonds are expected to price via negotiated sale the week of March 2, 2009.”
Source: Fitch Ratings via EarthTimes
