Power Co-Op Gets Bond Rating Upgrade After Exiting Kemper Deal
Kemper, MS -
Cooperative Energy and its 11 co-op members will see lower debt costs on $35.4 million bond;
Bailing out of its 15 percent ownership stake in Mississippi Power’s Kemper gasification plant has helped Hattiesburg-based Cooperative Energy gain a ratings upgrade on a $35.4 million bond issue.
The electric power co-op, which changed its name to Cooperative Energy from South Mississippi Electric Power Association in November, received a ratings upgrade from A- to A for its 2009 2009A Mississippi Business Finance Corporation Gulf Opportunity Zone Bonds.
“This rating upgrade reflects the success of our strategy to move from purchased power to owned generation resources, and from coal to natural gas and renewable energy,” said Cooperative Energy President/CEO Jim Compton in a press release. “The result for our members is lower borrowing costs and more favorable rates.”
An “A” rating from Fitch designates the bond issue as “near premium quality.”
Related News
Maryland opens solar-power subscriptions to all
MARYLAND - Maryland has launched a pilot program that will allow anyone to power their home with solar panels — even if they are renters or condo-dwellers, or live in the shade of trees.
Solar developers are looking for hundreds of residents to subscribe to six power projects planned across the state, including recently announced sites in Owings Mills and Westminster. Their offers include discounts on standard electric rates.
The developers need a critical mass of customers who are willing to buy the projects’ electricity before they can move forward with plans to install solar panels on about 80 acres. Under state…
