Moody’s rates Georgia Renewable notes Ba3

Moody's Investors Service said it assigned a provisional Ba3 rating to $225 million in senior secured notes due 2022 that will be co-issued by Georgia Renewable Power, LLC and Georgia Power Finance Corp. on a joint and several basis.

The outlook is stable.

Proceeds along with sponsor equity of $60 million will go toward completing construction costs of two biomass-generating facilities in Lumberton, N.C., and Franklin, Ga.; to repay outstanding borrowings under a sponsor-provided loan; to cash-fund reserve accounts and pay transaction fees. The Lumberton facility will be a 35 megawatt (MW) poultry-litter fueled power station at construction completion with 50MW of thermal capacity. The Franklin facility will be a 79MW wood-biomass generating facility at construction completion.

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