Duke Energy Florida completes clean energy, diversity-focused financings totaling $900 million
Duke Energy Florida, a subsidiary of Duke Energy, recently announced that it has completed two debt issuances that focus on generating cleaner energy and advancing diversity and inclusion.
The first transaction totals $700 million and marks Duke Energy Florida’s first green bond. The bond will finance green energy projects, including the development, construction, and procurement of solar generation and utility-scale battery storage projects in Florida.
Duke Energy noted that the transaction brings Duke Energy’s total clean energy offerings to $2.3 billion and is the third green bond issued by a Duke Energy utility in the past 12 months.
The second transaction, which totaled $200 million, was led by PNC Bank and five diversity-owned financial institutions. Each of the firms served as an active bookrunner. The firms included CastleOak Securities, C.L. King & Associates, Drexel Hamilton, Great Pacific Securities, and Ramirez & Co., which represent African American-owned, women-owned, Hispanic-owned and disabled veteran-owned institutions, Duke Energy Florida said.
The funds from the bond will be used to cover costs associated with Hurricane Dorian, as well as other general corporate purposes.
“These transactions demonstrate Duke Energy is investing in more than just energy infrastructure,” Duke Energy Florida state president Catherine Stempien said. “By offering green and diversity-led bonds, we are investing in the future of Florida. We are generating cleaner energy for our customers and communities – and the green bond helps us fund these important projects as we advance our carbon-reduction goals.”
Duke Energy has set goals of reducing carbon emissions by more than 50 percent by 2030 and achieving net-zero carbon emissions by 2050.
“As a company, we’re enhancing diversity and inclusion, with our commitment extending beyond the walls of Duke Energy. Increasing diversity is the right thing to do – and we are taking deliberate actions to increase our work with diverse suppliers, financial advisors, investors, and more,” Stempien continued.
