CPA Closes $1.4B Prepay Bond, Lifting Total Savings to $519.1M
Los Angeles – October 19, 2026 -- Clean Power Alliance (CPA) closed its seventh energy prepayment bond transaction, valued at $1.4 billion, and expects about $91.1 million in renewable energy cost savings over the bonds' initial 7-year period, an average of $12.7 million per year.
The deal lifts CPA's cumulative prepay issuance to $8.3 billion. Initial-period savings across all seven transactions now total $519.1 million, or roughly $65 million per year on average.
J.P. Morgan acts as underwriter and prepaid energy supplier for the first time
This is CPA's first prepay bond with J.P. Morgan as underwriter and J.P. Morgan Ventures Energy Corporation as prepaid energy supplier. According to CPA, it is also the first electric prepay deal in the U.S. completed with J.P. Morgan.
Moody's assigned the bonds an investment-grade Aa3 rating, and Kestrel gave them a 'Green Bonds' designation.