The PFM Group reported that the offering of their client, The Southern California Public Power Authority (SCPPA) for Milford Wind Corridor project revenue bonds has been awarded as the Bond Buyer’s National Deal of the Year for 2010.
SCPPA is the financial advisory client of the PFM Group. The February 2010 offering from SCPPA was for the $237.24 million revenue bonds of the Phase I of the Milford Wind Corridor project.
The award-winning deal had earlier been replicated to provide funding for another wind project. The deal has also helped in financing the prepayment for electric output from a wind power plant near Milford. In addition, the deal has received the regional Deal of the Year award for completing the transaction with a large issuer in the Far West area.
The Managing Director of PFM, Daniel Hartman, stated that this energy prepayment transaction comprises significant use of bonds that are tax exempt, to finance prepayment for electric power for a large clean energy project. With this prepayment financing structure, SCPPA can offer wind power output at considerable cost savings, he added.