Transaction Overview

Janney Montgomery Scott served as the sole managing underwriter for a $14,995,000 Revenue Bond issue for Massachusetts Municipal Wholesale Electric Company (“MMWEC”). The bonds were rated AA- by Fitch. The proceeds of the Series 2023A bonds, together with other funds available from MMWEC, were used to repay a short-term loan used to finance the Cotton Solar Project, fund certain operating reserves, pay capitalized interest through July 1, 2024, and pay the costs of issuance. The debt service reserve account requirement was funded through the purchase of a municipal bond debt service reserve insurance policy from Build America Mutual. The six participants in the Cotton Solar Project included: Boylston Municipal Light Department, Ipswich Electric Light Department, Marblehead Municipal Light Department, Mansfield Municipal Electric Department, Peabody Municipal Light Plant, and Wakefield Municipal Gas & Light Department. The transaction closed on December 21, 2023 and marked Janney’s first Massachusetts lead managed deal since 2008 and the Firm’s first lead managed power issue.

About Massachusetts Municipal Wholesale Electric Company

MMWEC is a body politic and corporate and political subdivision of the Commonwealth and constitutes as a public instrumentality to acquire and finance ownership interests and other entitlements in energy facilities for the benefit of its Members and other utilities, and to issue evidence of indebtedness to finance those interests.

There are presently 20 Massachusetts cities and towns with municipal light departments, which were established between 1891 and 1914, that are Members of MMWEC. MMWEC has made available to its Members a diversified mix of generation resources, including nuclear, oil, gas, wind, solar, and hydroelectric generation. The Cotton Solar Project is a state-of-the-art ground mounted solar photovoltaic system with a 6.90 MW AC / 10.34 MW DC system capacity, located on approximately 35 acres of land at MMWEC’s campus. In addition to the Cotton Solar Project, MMWEC presently owns various interests in five existing power generating units, four of which have been operating for at least 30 years.