US utility holding company Dominion Energy has closed its inaugural offering of green bonds. The $362 million in privately placed bond proceeds will be used to reimburse Dominion Energy for previously deployed capital related to the acquisition, development and/or construction of 20 merchant solar projects with a total capacity of 574 MW.
These merchant solar projects are located in California, North Carolina, South Carolina and Virginia and have long-term power purchase agreements (PPAs) with investment-grade utility, municipal and corporate counterparties, Dominion said
The company has a total of about 1,250 MW of owned solar capacity in operation in nine states.
“We are excited about the execution of our inaugural green bond transaction,” states James R. Chapman, senior vice president, chief financial officer and treasurer of Dominion Energy. “The success of this offering signals alignment of our clean energy strategy with the fixed-income investment community’s growing interest in sustainability and corporate responsibility.”
Barclays served as exclusive private placement agent for the bond offering, and McGuireWoods LLP served as issuer’s counsel.
Source Solar Industry