Southern Power has completed the issue of US$1 billion of Green Bonds, becoming the first investment-grade electric utility in the US to offer this of security to support investment in sustainable generation.
An amount equal to the net proceeds of the Green Bonds will be allocated to eligible renewable energy projects, including solar and wind generating facilities located in the US. Southern Power is a unit of Southern Co.
“Southern Company is an industry leader in growing and developing innovative technologies and solutions for the benefit of customers,” said Southern Co. Chairman, President and CEO Thomas A. Fanning. “These Green Bonds are further evidence of our commitment to renewables as part of a diverse generation portfolio and underscore our focus on creating America’s energy future.”
Southern Power’s green energy portfolio comprises 1,550 megawatts of generating capacity owned, under development or under contract – through the development or acquisition of 21 solar and wind projects across the US. In all, Southern Co. has added or announced more than 3,600 MW of renewable projects since 2012.