Dive Brief:
- Southern Co. subsidiary Southern Power completed the issuance of green bonds valued at roughly $1.2 billion to finance renewable projects, the company's second large issuance in a year.
- In November, Southern Power became the first investment-grade electric utility in the United States to offer green bonds when it completed the issuance of $1 billion aggregate principal amount of Green Bonds in November.
- The company has more than 2,000 MW of solar, wind and biomass generating capacity owned, under development or under contract around the United States.
Dive Insight:
Southern Co. is making big moves to bolster its renewables portfolio, underscored by this latest announcement by its subsidiary.
"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."
Southern has committed $20 billion towards developing renewable energy, and its announcement this week is the second $1 billion offering in a year.
Southern said an amount equal to the U.S. dollar equivalent of the net proceeds of the offering (approximately $1.2 billion) will be allocated to financing or investing in solar and wind. Southern Power's green energy portfolio includes more than 2,000 MW of capacity either owned, under development or under contract, through the "strategic development or acquisition of 26 solar, wind and biomass projects across the United States."Southern said that since 2012 it has added or announced more than 3,800 MW of renewable projects.
Earlier this year, parent company Southern Co. sought to boost its efficiency and distributed energy resource offerings by acquiring PowerSecure, a North Carolina-based distributed energy provider, in a $431 million deal. But its rooftop solar arm, Georgia Power Energy Services, is faltering, with only five systems installed since its inception.