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Muscatine Power and Water plans to issue $100 million in electric revenue bonds for projects including a 35 MW combined heat and power unit and a natural gas pipeline. Additional bond sales are expected in fall 2026 and 2028 for a solar farm and other initiatives.

Moody's assigns an A1 rating to the bonds, with an anticipated AA insured rating from S&P. MPW aims to transition from coal to natural gas and solar, targeting a reduction in coal's share of total capacity from 95.5% to 61%.