From Los Angeles Business Journal · Hannah Welk · · 50s
Clean Power Alliance Signs $1.4B Wind Deal
Clean Power Alliance secures $1.4 billion wind deal to cut energy costs by $91 million annually.
In brief
Clean Power Alliance secures $1.4 billion wind deal to cut energy costs by $91 million annually. Clean Power Alliance's $1.4 billion prepayment bond reduces renewable energy costs by $91 million over seven years. Originally reported by Los Angeles Business Journal.
Clean Power Alliance
Clean Power Alliance, the fourth-largest electricity provider in California, closed a $1.4 billion prepayment bond transaction.
Cost Savings
The deal reduces renewable energy costs by $91 million over seven years, or $12.7 million annually.
J.P. Morgan Underwrites
J.P. Morgan, the firm’s first electric prepayment deal in the U.S., underwrote the bond transaction.
Energy Source
Los Angeles and Ventura counties buy renewable energy while Southern California Edison maintains power lines.
Future Projects
CPA plans to add solar generation and battery storage to power 84,000 homes by late 2028.
What it means
Clean Power Alliance's $1.4 billion prepayment bond reduces renewable energy costs by $91 million over seven years.
