Bedford Energy Commission members said the town sold a 10-year bond to finance the Chubbuck Road Solar Facility at a rate below 3 percent and received a premium that reduced net financing costs.
The commission discussed why the sale succeeded and how that affects the project’s schedule.
The sale produced multiple bidders and a winning bid “2.95%,” and commission members said the town’s financing cost is effectively lower after a $305,000 premium. Energy Commission member Chris Bandasian said, “The winning bid, is 2.9 well, I'm gonna round it off 2.95%,” and later noted, “we actually are financing only 2.89 million.”
The commission credited town staff and outside reviewers for the strong result. Bandasian said Bedford maintained a Moody’s AAA rating and identified Finance Director Matt Menino, Town Assessor Doug Irvin, Planning Director Becky Hebert and Town Manager Rick Sawyer for their roles.
Commission members discussed an expected construction start and the project schedule. Bandasian said a Department of Environmental Services review earlier had pushed a start date later, but after a conversation with Public Works Director Jeff Foote the project “might start in August rather than 2 months later in October,” and the speaker said installers could finish active construction in 2025 depending on weather and Eversource interconnection timing.
Commissioners also discussed a consultant’s earlier use of a 10-year precipitation baseline instead of the 25-year baseline required by the state, which led to additional review by the Department of Environmental Services; Bandasian said that review initially risked moving the project to “the back of the line” but the town has since coordinated with reviewers and is back on track.
No formal town action beyond routine updates was taken at the meeting; members discussed outreach and a possible formal groundbreaking and ribbon-cutting once construction begins. Energy Commission member Matt McLaughlin asked whether the town would post a notice about the groundbreaking, and a member responded “Absolutely.”
Why it matters: The financing terms lower the town’s cost of borrowing for the project and move a municipal-scale solar installation toward construction. The schedule and interconnection process will determine when the facility begins producing power.
What remains uncertain: Commission members said final commissioning depends on Eversource interconnection approval and other permitting. The meeting did not set a construction start date, and no formal town vote on project contracts or permits was recorded at this session.