NorthWestern wins FERC approval to finance hydro transaction
. The issuance of securities will be used to finance the hydroelectric acquisition from PPL Montana
NorthWestern Energy announced that it has received the final required regulatory approval in connection with its pending $900 million purchase of eleven hydroelectric facilities representing 633 MW of capacity and one storage reservoir from PPL Montana.
Today, the Federal Energy Regulatory Commission approved and authorized NorthWestern to issue securities consisting of a combination of up to $400 million of equity securities and up to $450 million in debt securities, or, in the alternative, up to $900 million of unsecured debt pursuant to an existing bridge credit facility, but, in no event, more than $900 million outstanding at any one time. The issuance of securities will be used to finance the hydroelectric acquisition from PPL Montana.
NorthWestern Energy provides electricity and natural gas in the Upper Midwest and Northwest, serving about 678,200 customers in Montana, South Dakota and Nebraska.