NorthWestern Energy will buy the hydroelectric generating facilities, which have a combined capacity of over 633MW, for $900m.
The transaction includes 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.
NorthWestern will also acquire Hauser, Holter, Black Eagle, Rainbow, Cochrane, Ryan and Morony dams along the Missouri River.
The FERC approved and authorized NorthWestern to issue securities consisting of a combination of about $400m of equity securities and up to $450 million in debt securities.
It also includes up to $900m of unsecured debt pursuant to an existing bridge credit facility, but, in no event, over $900m outstanding at any single time.
NorthWestern Energy offers electricity and natural gas services in the Upper Midwest and Northwest, serving about 678,200 customers in Montana, South Dakota and Nebraska.
The company provides electric transmission and distribution services for around 342,000 customers in 187 communities of Montana.
In South Dakota/Nebraska, the company provides electric distribution services for about 61,600 customers in 110 communities.
