RED RIVER VALLEY ALLIANCE ANNOUNCES COMMERCIAL CLOSE OF FARGO-
MOOREHEAD METROPOLITAN AREA FLOOD RISK MANAGEMENT PROJECT
Fargo, 14 September 2021 – Red River Valley Alliance, LLC (“RRVA”) is pleased to announce that commercial
close has been achieved on the Fargo-Moorhead Metropolitan Area Flood Risk Management Project (the
“Project”). The Project includes the design, construction, financing, operations, and maintenance of the
proposed 30-mile Diversion Channel and associated infrastructure that will protect the Fargo-Moorhead – West
Fargo metro area during times of extreme flooding.
The Project is intended to be financed, in part, with proceeds from the sale of up to [$296] million in tax-exempt
private activity bonds (the “PABs”) to be issued by the Public Finance Authority. The proceeds of the PABs will
be loaned by the Public Finance Authority to RRVA for use in the construction of the Project. RRVA has
engaged Citigroup Global Markets Inc., Morgan Stanley & Co. LLC, and SMBC Nikko Securities America, Inc.
to act as underwriters with respect to the PABs. Subject to necessary Public Finance Authority and other
governmental approvals, RRVA expects the bonds to be marketed beginning in late-September 2021 and
reach financial close on or before November 2021.
RRVA is the consortium selected by the Metro Flood Diversion Authority of Fargo-Moorhead for the Project.
The equity members of RRVA include Acciona Concesiones S.L. (42.5%), Shikun & Binui Ltd. (42.5%), and
NACG US, Inc. (15%) who will jointly provide operations and maintenance for the project following construction
completion for a term of ~30 years.