The Industrial Development Authority of Miami-Dade County, Florida, sold $344 million in bonds to finance improvements to the wastewater facilities at a nuclear energy plant.
The bonds mature in 2054 and will initially bear interest at a rate determined weekly.
The authority will lend the proceeds to the Florida Power and Light (FPL) Company, an electric utility owned by a private firm. FPL will use the bond proceeds to fund the acquisition, construction, installation, and equipping of wastewater and sewage facilities at a nuclear plant it owns in Homestead, a city 40 miles south of Miami.
The plant, called Turkey Point, generates about 1,600 million watts of electricity per year, according to FPL’s website. That’s enough electricity to power 900,000 homes annually, or about 5% of Florida’s population.
Over the past few years, Turkey Point has drawn attention from state lawmakers as a potential solution to Miami-Dade County’s wastewater problem. For decades, the county pumped its wastewater into the ocean. But federal guidelines require it to stop doing so by next year. A proposed solution would see the county instead direct its wastewater to Turkey Point, which would inject it deep underground to serve as a coolant for the plant’s nuclear reactors.
The bonds are not obligations of the Industrial Development Authority. They are secured instead by FPL’s loan repayments. FPL is owned by NextEra Energy, Inc, a massive electric utility holding company.
U.S. Bancorp served as underwriter on the Series 2024A bonds. PNC Capital Markets LLC served as underwriter on the Series 2024B bonds.