Indiana Municipal Power Agency Investor Relations


Indiana Municipal Power Agency Investor Relations

Issuer Type: Power/Gas

Bond Ratings

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2019 B Variable Rate Demand Bonds - Long-Term Rating


2019 B Variable Rate Demand Bonds - Short-Term Rating


Welcome to Our Investor Relations Site

Raj Rao

On behalf of the Indiana Municipal Power Agency, I would like to welcome you to our new investor relations website. We appreciate your interest and investment in bonds issued by the Agency, as it allows us to make critical investments in IMPA’s power supply system throughout Indiana and the region. We are committed to maintaining our strong bond ratings, and we are also committed to being as transparent as possible with the investor community and public at large.

I hope you find this website useful as you seek to better understand the credit fundamentals of the Indiana Municipal Power Agency. Please do not hesitate to contact our office with suggestions for how we can be doing better. Thanks again for your interest in IMPA’s bond program.

Rajeshwar Rao, President & CEO

News & Highlights

April 30, 2021

IMPA Wire, March - April 2021

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.

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December 11, 2020

Press Release
IMPA to Call Certain 2010 B Bonds

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

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February 3, 2020

Press Release
Capital Dynamics Signs 100MWac Power Purchase Agreement with The Indiana Municipal Power Agency

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.”

Read Press Release