Georgia Power has completed the issuance of $325 million aggregate principal amount of Green Bonds, becoming the first retail electric utility in the United States to offer this type of security to support investment in sustainable generation. Offering the new Green Bonds is the latest way the company is supporting renewable development in Georgia including solar, wind and biomass.
Paul Bowers, chairman, president and CEO of Georgia Power, stated:
"Georgia Power is a leader in responsible renewable development thanks to a shared commitment and collaboration with the Public Service Commission and renewable developers. The issuance of these bonds will help us bring more renewable energy to the state while ensuring reliability and keeping our rates low for customers."
Offering Green Bonds allows Georgia Power to access a broader investment base for renewable projects and is expected to help keep financing costs lower for customers. Georgia Power intends to allocate the net proceeds of the offering primarily to renewable energy generation projects with any remaining net proceeds allocated to electric vehicle charging infrastructure or payments under power purchase agreements served by solar power or wind power generation facilities.
Renewable energy serving Georgia electric customers today as part of a diverse, balanced generation mix includes solar, wind and biomass. Georgia Power's innovative solar programs, such as the Advanced Solar Initiative and new solar projects at five Georgia military bases, are adding thousands of solar panels to the state's energy landscape with all of the company's renewable energy being procured at costs designed to prevent upward pressure on customer rates.
As part of the 2016 Integrated Resource Plan, filed with the Georgia Public Service Commission (PSC) in January, the company has proposed an additional 525 megawatts of renewable generation for customers, as well as new initiatives to study the potential for new future wind generation in the state.