Southern Company subsidiary Southern Power has completed the issuance of $1 billion aggregate principal amount of Green Bonds, becoming the first investment-grade electric utility in the United States to offer this type of security to support investment in sustainable generation. The inaugural Green Bond issuance underscores the company's innovation commitment as the Southern Company system further develops the full portfolio of energy resources.
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 United States.
"Southern Company is an industry leader in growing and developing innovative technologies and solutions for the benefit of customers," said Southern Company 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 assembled its nationally recognized green energy portfolio - with approximately 1,550 megawatts (MW) of generating capacity owned, under development or under contract - through the strategic development or acquisition of 21 solar and wind projects across the United States. In all, the Southern Company system has added or announced more than 3,600 MW of renewable projects since 2012.
Southern Company and its subsidiaries, including Southern Power, demonstrate a commitment to sustainability practices by providing clean, safe, reliable and affordable energy, and have committed $20 billion to developing the full-portfolio of low-and-zero-carbon emission generating resources. This is further evident system-wide through environmental stewardship, committed governance, and social and corporate responsibility.