Fitch's 'A+' rating on TID, WECA and TWPA
's bonds reflects TID's ability to make timely payments on its full debt burden, which includes bonds issued by WECA and TWPA
, which are unconditionally paid by TID as an operating expense.
Pursuant to the Membership Purchase Agreement, the TWPA will acquire ownership of the project from WPP by purchasing 100% of the membership interests in TWP.
TID is currently purchasing power from the project via a short-term purchase power agreement with TWP that will expire when the acquisition by TWPA is complete.
TWPA will pay $385 million for the project, or $2,770 per MW of installed capacity.