Hydroelectric, Renewables

NorthWestern receives FERC approval for pending transaction of 11 hydro facilities

NorthWestern Corporation (NYSE: NWE) has received the final regulatory approval required for its pending $900 million purchase of 11 hydroelectric facilities representing 633-MW of capacity and one storage reservoir from PPL Montana (NYSE: PPL).

The Federal Energy Regulatory Commission (FERC) approval allows 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 up to $900 million of unsecured debt pursuant to an existing bridge credit facility. The securities will be used to finance the hydroelectric acquisition from PPL Montana.

Facilities include: Thompson Falls Dam on the Clark Fork River; Kerr Dam on the Flathead River; Madison Dam on the Madison River; Mystic Lake Dam on West Rosebud Creek; and Hauser, Holter, Black Eagle, Rainbow, Cochrane, Ryan and Morony dams along the Missouri River.