The bonds, which will be due in 2035, have been rated BBB (stable) by Fitch Ratings. Barclays, Citigroup and Royal Bank of Scotland Group are reportedly the frontrunners in the bonds issue.
The facility is expected to require a total investment of $2.74n with the project sponsor MidAmerican financing over $2bn through equity.
The 579MW solar power project, co-located in Kern and Los Angeles counties in California, was acquired by the company in January 2013. It will include two adjacent crystalline, single-axis tracking photovoltaic (PV) plants.
SunPower, a solar panel manufacturer, will develop and operate the two plants. The ongoing construction work on the facility is expected to be completed by October 2015.
The power generated at the Antelope Valley solar farm will be purchased by Southern California Edison utility for over 20 years.
Currently, MidAmerican has a diverse portfolio of more than 6,400MW of renewable generation in the US.
