Dominion Energy extends, expands sustainability-linked credit facilities
Furthering its commitment to sustainable energy, Dominion Energy announced that it has extended and expanded its sustainability-linked credit facilities to $6.9 billion.
Specifically, Dominion Energy had a $6 billion master credit facility extended to 2026 and an $0.9 billion supplemental credit facility expiring in 2024. The master credit facility links pricing to achievement of annual renewable electric generation as well as diversity and inclusion milestones. The supplemental facility presents a structure whereby pricing benefits accrue for draws related to qualified environmental and social spending programs.
“These green financings support our corporate sustainability objectives and complement our industry leadership around environmental, social, and governance strategies while providing us with the flexibility to finance our $32 billion five-year growth capital plan— over 80% of which is for emissions reduction or enabling technologies,” said James Chapman, executive vice president, chief financial officer, and treasurer at Dominion Energy.
Sustainable finance is part of Dominion Energy’s ESG (environmental, social, and governance) strategy and commitment to building a clean and sustainable energy future. Dominion Energy aims to achieve net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050.
For the master credit facility, JPMorgan Chase, Mizuho Bank, BofA Securities, The Bank of Nova Scotia, and Wells Fargo Securities served as joint lead arrangers. J.P. Morgan Securities and Mizuho acted as co-sustainability structuring agents while Sumitomo Mitsui Bank, Scotiabank, and TD Securities acted as joint lead arrangers and joint book-runners.
Dominion Energy provides energy to more than 7 million customers in 16 states.
