US utility and holding company Southern Company has issued US$1.1 billion of green bonds, to be used for the financing of renewable energy generation.
Southern Company was the first investment-grade utility in the US to issue green bonds in 2015, with an initial offering of US$1 billion, completed in November. Through its subsidiary, Southern Power, the parent company said yesterday that the latest aggregate principal offering would mobilise around US$1.2 billion in cash for generation facilities including solar and wind, to include project financing.
Southern Company provides energy to over four million customers in the US states of Georgia, Florida, Alabama and Mississippi. It said that the latest offering stands separately to the previous issue. The group has around 2,000MW of renewable generation capacity in its portfolio. This includes a majority stake in a 200MW California solar farm acquired by Southern Power as well as several other large-scale solar project acquisitions made towards the end of last year. In May the parent company completed a US$425 million merger with Powersecure, a company providing energy solutions for utility and corporate customers.