FORT WAYNE, Ind. (AP) – Indiana Michigan Power says it's continuing a financing partnership that provided it with loans from banks in Indiana and Michigan.
The utility said in a Monday news release that the partnership will last another three years. It started in 2012 when the banks gave the utility an unsecured term loan for $110 million.
The money was used to update aging transmission and distribution infrastructure. For example, money went to make environmental retrofits at the Rockport Plant and build four emission-free solar generation facilities in the two states.
The Fort Wayne-based utility says the new loan term closed last week and increased bank funding to $200 million. Indiana Michigan Power has more than 582,000 customers.