Deal of the Year 2025: Kerrville Public Utility Board Public Facility Corp. (Small Issuer Financing)

Kerrville Public Utility Board Public Facility Corporation entered the public markets with its inaugural bond sale to deliver a new peaking power plant for the Texas Hill Country. The financing pairs tax-exempt bonds with a low-interest loan from the Texas Energy Fund — reported as the first finalized under the state's new In-ERCOT Generation program — bringing fresh capital to a critical, traditionally hard-to-fund need: local reliability. Despite market volatility and heavy Texas supply, the deal priced successfully, supported by firm underwriting. The result is a small issuer using modern tools to secure affordable, dispatchable capacity and support future growth.