Indiana Municipal Power Agency Investor Relations
Indiana Municipal Power Agency Investor Relations
Learn about the latest News & Events for Indiana Municipal Power Agency Investor Relations, and sign up to receive news updates.
Learn about the latest News & Events for Indiana Municipal Power Agency Investor Relations, and sign up to receive news updates.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the November - December 2023 edition below.
KNIGHTSTOWN, IN – A new renewable power source is up and running in Knightstown! Officials from the community and students from Knightstown Community High School joined with representatives from the Indiana Municipal Power Agency (IMPA) to cut the ribbon on the Knightstown Solar Park on Monday, November 20th.
The Knightstown Solar Park is IMPA’s 50th constructed solar park in the state. Rated at 1.3 MW-AC, the facility can produce an annual amount of energy enough to power approximately 238 homes. The park is located on approximately 8 acres of land and is comprised of 3,816 solar panels. Utilizing a single axis tracking system, the solar panels will move throughout the day following the path of the sun.
"Our town has worked with IMPA to upgrade its metering system, sponsor community events, and improve our electric reliability," said Sarah Ward, IMPA Commissioner for Knightstown. "Now the town is proud to have a solar park to add to its list of accomplishments."
“IMPA’s ongoing commitment to providing a low-cost, reliable and environmentally responsible power supply to our 61 communities is a top priority for the Agency,” said Jack Alvey, IMPA President and CEO. “Diversifying our power portfolio allows IMPA to stay on the cutting edge of trends and policy changes while maintaining a reliable portfolio to serve our members. Our collaboration with Knightstown in constructing a solar park in the community not only benefits the town by keeping the investment and property taxes local, but it helps all the Agency’s member communities plan for a bright future.”
IMPA has constructed 50 solar parks throughout the state, adding over 196 MW of solar generation to its power supply portfolio. Other nearby IMPA communities in which solar parks are located include Greenfield, Middletown, Spiceland, and Richmond.
Indiana Municipal Power Agency and City cut the ribbon for new 9.9 megawatt facility.
WASHINGTON, IN – Officials from Washington joined with representatives from the Indiana Municipal Power Agency (IMPA) to cut the ribbon on the Washington 2 Solar Park on Thursday, November 9th.
The Washington 2 Solar Park is IMPA’s largest constructed solar park, rated at 9.9 MW-AC and can produce an annual amount of energy enough to power approximately 1980 homes. The park is located on approximately 57 acres of land and is comprised of 28,224 solar panels. Utilizing a single axis tracking system, the solar panels will move throughout the day following the path of the sun.
“IMPA’s ongoing commitment to providing a low-cost, reliable and environmentally responsible power supply to our 61 communities is a top priority for the Agency,” said Jack Alvey, IMPA President and CEO. “Diversifying our power portfolio allows IMPA to stay on the cutting edge of trends and policy changes while maintaining a reliable portfolio to serve our members. Our collaboration with Washington in constructing a solar park in the community not only benefits the town by keeping the investment and property taxes local, but helps all of the Agency’s member communities plan for a bright future.”
IMPA has constructed 50 solar parks throughout the state, adding over 196 MW of solar generation. Other nearby IMPA communities in which solar parks are located include Huntingburg and Jasper.
Indiana Municipal Power Agency and Middletown cut the ribbon for new 1.35 megawatt facility.
MIDDLETOWN, IN – Officials from Middletown joined with representatives from the Indiana Municipal Power Agency (IMPA) to cut the ribbon on the Middletown Solar Park on Friday, October 20th. Community representatives, State Representative Cory Criswell, the office of US Senator Mike Braun, and students from Shenandoah Middle School were on hand to celebrate the addition of the renewable energy source in the community.
The Middletown Solar Park is located on 10 acres of land and is comprised of 3,888 solar panels. The facility is rated at 1.35 MW-AC and will produce an annual amount of energy to power about 238 homes. Utilizing a single axis tracking system, the solar panels will move throughout the day following the path of the sun.
“Just one year ago, we held a groundbreaking ceremony for this renewable energy project. Today, we celebrate its completion,” commented Ron Koons, IMPA Commissioner for the Town of Middletown. “The addition of this park has diversified the generation resources serving our town while providing an educational opportunity for our students, residents, and visitors. We were excited to partner with IMPA on this project and are grateful to be one of the many communities in their membership with a local solar park.”
“IMPA’s ongoing commitment to providing a low-cost, reliable and environmentally responsible power supply to our 61 communities is a top priority for the Agency,” said Jack Alvey, IMPA President and CEO. “Diversifying our power portfolio allows IMPA to stay on the cutting edge of trends and policy changes while maintaining a reliable portfolio to serve our members. Our collaboration with Middletown in constructing a solar park in the community not only benefits the town by keeping the investment and property taxes local, but helps all of the Agency’s member communities plan for a bright future.”
IMPA has constructed 48 solar parks throughout the state, adding over 190 MW of solar generation. Other nearby IMPA communities in which solar parks are located include Anderson, Frankton, and Pendleton. IMPA is nearing completion of its 50th solar park in nearby Knightstown. For more information about IMPA’s solar parks, visit www.impa.com/solar. The Indiana Municipal Power Agency is the not-for-profit wholesale power provider to 61 cities and towns in Indiana and Ohio who own and operate the municipal electric distribution systems in their communities. IMPA member communities deliver electric service to approximately 350,000 individuals throughout the state.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the September - October 2023 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the August 2023 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the June - July 2023 edition below.
Officials from Bremen joined with representatives from the Indiana Municipal Power Agency (IMPA) to cut the ribbon on the Bremen Solar Park on Thursday, May 11th. Town officials and employees, community representatives, and local students from Bremen Elementary Middle School were on hand to celebrate the addition of the renewable energy source in the community.
The Bremen Solar Park is located on 32.15 acres of land and is comprised of 20,852 solar panels. The facility is rated at 6.7 MW-AC and will produce an annual amount of energy to power about 1,238 homes. Utilizing a single axis tracking system, the solar panels will move throughout the day following the path of the sun.
“This solar park has been in the works for several years, and we’re excited to be celebrating it today,” commented Trend Weldy, Director of Operations for Bremen. “The addition of this park has diversified the generation resources serving our town while providing an educational opportunity for our students, residents, and visitors. We were excited to partner with IMPA on this project and are grateful to be one of the many communities in their membership with a local solar park.”
“IMPA’s ongoing commitment to providing a low-cost, reliable and environmentally responsible power supply to our 61 communities is a top priority for the Agency,” said Jack Alvey, IMPA President and CEO. “Diversifying our power portfolio allows IMPA to stay on the cutting edge of trends and policy changes while maintaining a reliable portfolio to serve our members. Our collaboration with Bremen in constructing a solar park in the community not only benefits the town by keeping the investment and property taxes local, but helps all of the Agency’s member communities plan for a bright future.”
IMPA has constructed 44 solar parks throughout the state, adding over 173 MW of solar generation. Other nearby IMPA communities in which solar parks are located include Argos, Columbia City, and Walkerton.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the April 2023 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the February - March 2023 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the November - December 2022 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the October 2022 edition below.
CARMEL, IN – Frank Smardo, Executive Vice President and Chief Operating Officer (COO) of the Indiana Municipal Power Agency, has announced his retirement from the Agency. Smardo stepped into the role of COO earlier this year, and has been part of the Agency for over two decades holding numerous roles.
With the announcement, Mr. Smardo closes out an over 20 year career in the utility industry. He joined IMPA in 2001 as a Planning Engineer, playing a key role in preparing IMPA and its members for operating within the energy markets and working with regional transmission system operators. He also served as Executive Vice President of Energy Solutions for the Agency and previously held the role of Senior Vice President of Engineering. Throughout his tenure with the Agency, Mr. Smardo has overseen IMPA’s generation assets, compliance, resource planning, rates, billing, and market operations.
“I am sincerely grateful for my time with IMPA and the opportunities I have experienced during my tenure with the Agency,” commented Smardo. “While I will miss the IMPA staff and the personnel in member communities with whom I have been so fortunate to work, I am confident in the work being done by this organization to ensure reliable and affordable electricity for the Agency’s member communities. I am excited to begin retirement life, and will be cheering on IMPA and its member communities from the sidelines.”
“Frank’s character, experience, energy, and analytical approach have been great assets to IMPA,” commented President and CEO Jack Alvey. “His leadership and guidance will leave a lasting impression on our staff and member communities. We wish him the best in his retirement.”
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the September 2022 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the May - June 2022 edition below.
Expected $120 Million Tax Exempt Fixed Rate Bonds
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the March - April 2022 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the January - February 2022 edition below.
INDIANA MUNICIPAL POWER AGENCY ANNOUNCES JACK ALVEY
AS PRESIDENT AND CEO
Longtime President and CEO Raj Rao to retire April 5
CARMEL, IN – The Indiana Municipal Power Agency (IMPA) Board of Commissioners announced the selection of Jack Alvey as IMPA’s new President and CEO. Alvey will assume the role following the retirement of longtime President and CEO Raj Rao on April 5, 2022.
Alvey joined IMPA in 1992 as a combustion turbine operator/technician. He previously served in the United States Navy’s nuclear power field before entering the public power sector. Currently, Alvey is IMPA’s Executive Vice President and Chief Operating Officer overseeing IMPA’s generation operations, transmission joint ownership, electrical facilities, construction, safety, and environmental and reliability compliance. He holds a Bachelor of Science from Purdue University and MBA from Indiana University. During his tenure, he has played a key role in IMPA’s involvement in numerous generation projects, including the Prairie State Energy Campus, Trimble County Unit 2, IMPA’s Combustion Turbines in Anderson, Richmond, and Indianapolis, as well as spearheaded the development of over 40 solar parks in member communities across the state through IMPA’s growing solar program. Alvey is a native of Richmond, Indiana--one of IMPA’s founding member communities.
“It is truly an honor to be selected as IMPA’s next President and CEO,” commented Alvey. “In my 30 years with IMPA, I have had the privilege of working alongside Raj to help establish the Agency into the successful organization that it is today. It has been a pleasure to be part of numerous substantial events in IMPA’s history, and I look forward to continuing the Agency’s mission of low-cost, reliable, environmentally-responsible power for many years to come.”
“Jack Alvey is the right individual to lead IMPA into the future,” commented Rao. “His generation experience, combined with his institutional knowledge of IMPA and commitment to public power, make him uniquely qualified to be the person to lead the Agency and its member utilities. As my time as President and CEO comes to an end, I am confident IMPA will be in good hands under Jack’s leadership.”
“The CEO Search Committee set forth numerous qualifications as requisites for the future leader of the Agency,” commented Brent Slover, Chairman of the IMPA Board and a member of the CEO Search Committee for the Agency. “Jack exceeded our expectations due to his decades of experience, knowledge of the industry, and respect of IMPA members. We look forward to his leadership of the Agency.”
Alvey’s first day as CEO will be April 6, 2022. Rao announced his retirement in October 2021 after 38 years with the Agency, 35 of those years serving as President. He first joined IMPA in 1983 as its Director of Engineering. He was named CEO of IMPA in 1986 and has helmed the Agency since that time. Under Rao’s leadership, IMPA grew from an Agency serving the wholesale power supply needs of 26 member utilities to a $2 billion organization serving 61 communities today.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the November - December 2021 edition below.
Raj Rao, the President and CEO of IMPA, has announced his retirement effective April of 2022. IMPA's Board of Commissioners has established a committee to begin the search for the Agency's next CEO.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the September - October 2021 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the July - August 2021 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the May - June 2021 edition below.
The IMPA Wire is produced on a bi-monthly basis to provide information about IMPA, the utility industry, and public power in Indiana. Read the March - April 2021 edition below.
CARMEL, IN – On December 11, 2020 the Indiana Municipal Power Agency’s (“IMPA”) Board of Commissioners authorized IMPA to refund $12,845,000 of the Agency’s Power Supply System Refunding Revenue Bonds, 2010 Series B (the “2010 B Bonds”). The 2010 B Bonds that are scheduled to mature on January 1, 2022 ($6,265,000) and 2023 ($6,580,000) will be called on January 14, 2021. IMPA is not issuing new bonds to refund the 2010 B Bonds. The interest rate on the 2010 B Bonds is 5%. IMPA expects to save approximately $950,000 as a result of the refunding.
“For over 35 years, IMPA has provided a low-cost, reliable, and environmentally-responsible power supply,” commented Raj Rao, IMPA President and CEO. “This refunding is another opportunity to bring cost savings to member communities and the retail customers they serve.”
For more information about IMPA and IMPA’s financial position, visit www.impa.com/financial
Agreement brings affordable clean energy to 61 cities and towns throughout Indiana and Ohio
NEW YORK and CARMEL, IN – February 3, 2020: Capital Dynamics, an independent global private asset management firm, today announced that its Clean Energy Infrastructure (CEI) business has signed a longterm Power Purchase Agreement (PPA) with Indiana Municipal Power Agency (IMPA) in coordination with Tenaska. Under the terms of the PPA, IMPA will purchase 100MWac of the power generated by a CEI-owned greenfield solar project located in Indiana.
The solar project is one of 14 projects that Capital Dynamics acquired from Tenaska in November 2018. The project, which Tenaska continues to oversee preconstruction, is located on approximately 1,200 acres in southern Indiana and is currently in development stage. Construction is expected to finish and reach commercial operations in the second half of 2022.
“This agreement with IMPA strengthens our presence in the Midcontinent Independent System Operator (MISO) market and demonstrates our long-term commitment to helping the region reach its renewable power goals,” said Benoit Allehaut, Managing Director on Capital Dynamics’ Clean Energy Infrastructure team. “Tenaska was a crucial partner in finalizing the agreement and brought significant expertise through all elements of development phase. Together, this project is a part of our larger goal to foster the development of a solar-dominant culture throughout the Midwest.”
“We are excited to see Tenaska’s relationship with Capital Dynamics yield strong results with the signing of this PPA,” said Steve Johnson, senior vice president and leader of Tenaska Solar Ventures, the company’s solar development business. “This was our intent when we started doing business together. We are eager to finish development of this project in Indiana and bring it to construction.”
“We are honored to collaborate with Capital Dynamics and Tenaska on this project,” said IMPA President and CEO Raj Rao. “We are confident the solar project will meet the long-term power needs of our members and their customers, and we’re grateful for their contribution to making it happen.”