Georgia Power has announced the issuance of its first sustainability bond, becoming the first domestic utility in the US to issue it.
The bond proceeds will be allocated to fund the company’s environmental, renewable and social initiatives, with a total of around $742 million (£532m) to support sustainable projects.
Georgia Power, which serves 2.6 million customers, already has one of the largest voluntary renewable portfolios in the US and plans to increase its renewable generation by more than 72% by 2025.
Dan Tucker, Executive Vice President, Chief Financial Officer and Treasurer said: “The sustainability bond issued today is aligned with our ongoing commitment to building a clean and sustainable energy future for Georgia Power customers and the state.
“By allocating the proceeds of this bond to fund our social, environmental and renewable initiatives, the company is able to secure benefits for all customers that will last for up to 30 years by way of long-term, low-cost financing.”