RICHLAND, WASH. - Energy Northwest sold $62.325 million in bonds today, re-funding the original bonds sold for construction of the Nine Canyon Wind Project in 2001.
This action will allow the diversified energy company to pass along $5.3 million in savings to Project participants over the life of the bonds, due to a lower interest rate. Annual savings to participants, through a lower cost of power, will equal approximately $290,000.
These are tax-exempt municipal bonds, with insured ratings of Aaa and AAA by Moodys and Fitch, respectively, with a final maturity in 2023. This is the same final maturity date as the original construction bonds for Phase I.
Nine Canyon Wind Project participating utilities are Benton County PUD, Chelan County PUD, Douglas County PUD, Grant County PUD, Grays Harbor County PUD, Lewis County PUD, Mason County PUD No. 3, Okanogan County PUD, Cowlitz County PUD, and Columbia Generating Station.