The financing package consists of $50 million of bonds issued by the New Mexico Renewable Energy Transmission Authority (NMRETA), with proceeds loaned to the High Lonesome project, and $25.255 million issued directly by the project.
The NMRETA issuance was sized to reimburse High Lonesome for transmission-related expenditures, including transmission lines owned by the project, substation equipment and upgrades to Public Service of New Mexico’s transmission system.
Both bonds mature in seven years on November 1, 2017. The interest rate is 6.85 percent for both series.
George K. Baum & Company served as the placement agent. Macquarie Bank Limited purchased all of the bonds at closing.
An Edison International company, Edison Mission Group is one of the largest developers of wind energy projects in the