Oglethorpe Power to issue $200 million bonds in late 2009, early 2010

By Aaron Hochman-Zimmerman

New York, May 14 - Oglethorpe Power Corp. plans to sell $200 million of tax-exempt bonds in late 2009 or early 2010, according to a 10-Q filing with the Securities and Exchange Commission.

The debt is allowed under tax-exempt financing allocations from the state of Georgia.

But Oglethorpe noted that it is not certain whether enough of the equipment will qualify to take full advantage of the allocation.

Making up the total is $150 million in allocations from 2006 for equipment to control mercury emissions at Plant Scherer. Also in 2008, another $50 million of allocations were granted to Plant Wansley to mitigate sulfur dioxide emissions.

After allocation, issuers have up to three years to sell the bonds.

Oglethorpe is a power supply cooperative based in Tucker, Ga.

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