Georgia Power issues sustainability bond
Georgia Power issued its first sustainability bond this week.
The proceeds from the bond – expected to be $742 million — will be allocated to fund the company’s environmental, renewable, and social (ESG) initiatives. The bond carries a 3.25% coupon – the lowest 30-year coupon for a publicly-traded bond ever issued by any affiliate of Southern Company, Georgia Power’s parent company. The lower pricing will benefit Georgia Power customers.
“The sustainability bond issued today is aligned with our ongoing commitment to building a clean and sustainable energy future for Georgia Power customers and the state,” Dan Tucker, executive vice president, chief financial officer, and treasurer for Georgia Power, said. “By allocating the proceeds of this bond to fund our social, environmental, and renewable initiatives, the company is able to secure benefits for all customers that will last for up to 30 years by way of long-term, low-cost financing.”
It is not only the company’s first sustainability bond but the first for a domestic utility in the United States.
The investments in ESG initiatives align with the company’s commitments to the community and renewable energy sources, including solar. Georgia Power offers customers a range of options to expand access to solar and renewable energy generation. The company already has one of the largest voluntary renewable portfolios in the country. It expects to continue as a leader in solar energy production by growing its renewable generation by more than 72 percent by 2025.
Georgia Power is the largest electric subsidiary of Southern Company. It serves 2.6 million customers in all but four of Georgia’s 159 counties.
