NYPA Press Release

NYPA Closes $600 Million Revolving Credit Line for Energy Efficiency Programs

For Immediate Release: 01/17/19

Contact:
Steven Gosset | Steven.Gosset@nypa.gov | (914) 390-8192

WHITE PLAINSThe New York Power Authority today announced that it has closed the refinancing of a $600 million revolving credit facility dedicated to a comprehensive array of energy-efficiency programs for customers.

 

The revolving credit facility supports a suite of energy solutions such as design-built project services, digital energy management and demand response capabilities for NYPA customers, which include the State’s largest cities, the State University of New York and school districts.

 

NYPA energy-efficiency projects have saved customers hundreds of millions of dollars and will help reach Governor Andrew Cuomo’s goals to reduce greenhouse gases 40 percent by 2030 and make all electricity used in New York carbon neutral by 2040.

 

“As customers increasingly demand energy products that are both more efficient and climate friendly, NYPA is more prepared than ever to meet their expectations,” said John R. Koelmel, NYPA chairman.

NYPA’s Board of Trustees last month approved the revolving credit facility, which is being underwritten by a bank syndicate that includes JPMorgan Chase Bank, N.A., Wells Fargo Bank, N.A., TD Bank, N.A., and State Street and Trust Company.

 

The financing was completed as all three of NYPA’s rating agencies - Fitch Ratings, Moody’s Investors Service and Standard & Poor’s - affirmed their AA/F1+, Aa1/P-1, and AA/A1+ ratings, respectively.

 

NYPA has long had one of the strongest credit ratings among public utilities in the nation, which enables the state-owned utility to finance its operations and investments at competitive interest rates.

 

“We are gratified that our rating agencies continue to recognize our stringent efforts to always focus on the bottom line,” said Gil C. Quiniones, NYPA president and CEO. “It’s a testament to the strength of both our balance sheet and the quality of the programs we offer customers.”

 

About NYPA

NYPA is the nation's largest state public power organization, through the operation of its 16 generating facilities and more than 1,400 circuit-miles of transmission lines. NYPA uses no tax money or state credit. It finances its operations through the sale of bonds and revenues earned in large part through sales of electricity. More than 70 percent of the electricity NYPA produces is clean renewable hydropower. For more information visit www.nypa.gov and follow us on Twitter @NYPAenergy, Facebook, Instagram, Tumblr, and LinkedIn.