Southern Company subsidiary Southern Power has completed the issuance of €1.1 billion aggregate principal amount of Green Bonds, furthering the company's commitment to supporting investment in sustainable generation. The Green Bond issuance underscores the company's commitment to innovation as the Southern Company system further develops the full portfolio of energy resources.
An amount equal to the U.S. dollar equivalent of the net proceeds of the offering (approximately $1.2 billion) will be allocated to renewable energy generation projects, including financing of, or investments in, solar and wind power generation facilities located in the United States.
"Southern Power is an industry leader in growing renewable energy projects across the United States," said Southern Power President and CEO Buzz Miller. "Our company's issuance of Green Bonds builds on our commitment to sustainable generation as America's premier wholesale energy partner."
In a separate offering last year, Southern Power became the first investment-grade electric utility in the United States to offer this type of security to support investment in sustainable generation. The company completed the issuance of $1 billion aggregate principal amount of Green Bonds in November.
Southern Power assembled its nationally recognized green energy portfolio - with more than 2,000 megawatts (MW) of generating capacity owned, under development or under contract - through the strategic development or acquisition of 26 solar, wind and biomass projects across the United States. In all, the Southern Company system has added or announced more than 3,800 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.