(Credit: Pixabay)Georgia Power has announced its first sustainability bond, and the first sustainability bond for a domestic utility in the United States. Bond proceeds will be allocated to fund the company's environmental, renewable, and social initiatives. The 3.25% coupon represents the lowest 30-year coupon for a publicly traded bond ever issued by any affiliate of Southern Company, Georgia Power's parent company.
With net proceeds of approximately $742 million to be allocated to fund sustainable projects such as spending with diverse and small business suppliers and investments in renewable energy projects, Georgia Power says the bond aligns with its continued growth of Georgia Power's solar portfolio, one of the largest voluntary renewable portfolios in the country.
Georgia Power's commitment to building a clean and sustainable energy future includes helping its customers and other industries reduce their emissions, increase their energy efficiency, and minimize their environmental footprint by investing in programs, customer offerings, and initiatives. The company continues to offer customers a full range of options to expand access to solar and renewable energy generation that reduce its environmental footprint as well as maintain a focus on resource conservation, efficient energy usage and other sustainability efforts.
The sustainability bond is consistent with international standards and the sustainable financing framework published by Southern Company earlier this year.
