Georgia Power announced on March 9 that it had completed the issuance of a $325 million aggregate principal amount in Green Bonds, becoming the first U.S. retail electric provider to do so – and in the process, the utility said, continuing to keep rates low for customers while expanding renewable development.
“Georgia Power is a leader in responsible renewable development thanks to a shared commitment and collaboration with the Public Service Commission and renewable developers,” said the utility’s CEO Paul Bowers, adding, “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 enables Georgia Power – a subsidiary of Southern Company that serves more than 2.25 million customers in the Peach State – to access a broader investment base for renewable projects, while at the same time reducing financing costs for customers.
The investor-owned public utility 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.
Today, George Power already relies on a renewable mix of solar, wind, and biomass energy. As part of the 2016 Integrated Resource Plan, filed with the Georgia Public Service Commission (PSC) in January (Docket No. 4061), the company has proposed an additional 525 megawatts (MW) of renewable generation for customers, as well as new initiatives to study the potential for new future wind generation in the state.