The proceeds of the transition bonds will be used to redeem $805.46 million of the principal amount of outstanding transition bonds issued by PETT, representing approximately 72% of the Class A-3 and approximately 70% of the Class A-5 Series 1999-A transition bonds issued in March 1999. The refinancing will extend amortization of the transition bonds issued by PETT to securitize PECO’s stranded cost recovery through 2010 and reduce expected principal payments in earlier years. Salomon Smith Barney is the lead underwriter.
Feb. 16, 2001–The Clean Energy Funds Network has released an analysis of New York’s Madison Windpower project. This is the first of a series of case studies that are planned on projects that have been financed by state clean energy funds. The studies are intended to provide recommendations for similar projects in the future.