DALLAS — Arizona’s Salt River Project Agricultural and Power District forecasts a 20% increase in debt to $5.3 billion by the end of fiscal 2016, even after reducing its capital program.

The debt increases are primarily due to $1.5 billion in purchased power agreements that will be treated as capital leases as they are phased in through 2016 and will add to fixed obligations, according to a Standard & Poor’s report.

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