Completion of $351 million bond issue
Western Minnesota Municipal Power Agency completes $351 million bond issue.
The Western Minnesota Municipal Power Agency (WMMPA) completed a very successful bond sale of $351,255,000 Thursday, June 26.
The majority of the funds from the bond issue will be used to finance construction of the Red Rock Hydroelectric Project at the existing Red Rock dam site on the Des Moines River near Pella, Iowa. Proceeds from the sale also will finance the completion of the WMMPA share of the CapX 2020 Fargo and Brookings transmission projects, and capital improvements at existing generation facilities, primarily the coal-fired Laramie River Station. Most of the bonds were sold at a premium, meaning that the total proceeds to be received from the sale will be about $390 million.