Southern Company subsidiary becomes first investment-grade U.S. utility to offer Green Bonds
ATLANTA, Nov. 18, 2015 /PRNewswire/ -- Southern Company subsidiary Southern Power has completed the issuance of $1 billion aggregate principal amount of Green Bonds, becoming the first investment-grade electric utility in the United States to offer this type of security to support investment in sustainable generation. The inaugural Green Bond issuance underscores the company's innovation commitment as the Southern Company system further develops the full portfolio of energy resources.
An amount equal to the net proceeds of the Green Bonds will be allocated to eligible renewable energy projects, including solar and wind generating facilities located in the United States.
"Southern Company is an industry leader in growing and developing innovative technologies and solutions for the benefit of customers," said Southern Company Chairman, President and CEO Thomas A. Fanning. "These Green Bonds are further evidence of our commitment to renewables as part of a diverse generation portfolio and underscore our focus on creating America's energy future."
Southern Power assembled its nationally recognized green energy portfolio – with approximately 1,550 megawatts (MW) of generating capacity owned, under development or under contract – through the strategic development or acquisition of 21 solar and wind projects across the United States. In all, the Southern Company system has added or announced more than 3,600 MW of renewable projects since 2012.
Southern Company and its subsidiaries, including Southern Power, demonstrate a commitment to sustainability practices by providing clean, safe, reliable and affordable energy, and have committed $20 billion to developing the full-portfolio of low- and zero-carbon emission generating resources. This is further evident system-wide through environmental stewardship, committed governance, and social and corporate responsibility.
About Southern Power
Southern Power, a subsidiary of Southern Company, is a leading U.S. wholesale energy provider meeting the electricity needs of municipalities, electric cooperatives and investor-owned utilities. Southern Power and its subsidiaries own or have the rights to 31 facilities operating or under construction in nine states with more than 10,200 MW of generating capacity in Alabama, California, Florida, Georgia, Nevada, New Mexico, North Carolina, Oklahoma and Texas.
About Southern Company
With more than 4.5 million customers and approximately 46,000 megawatts of generating capacity, Atlanta-based Southern Company (NYSE: SO) is the premier energy company serving the Southeast through its subsidiaries. A leading U.S. producer of clean, safe, reliable and affordable electricity, Southern Company owns electric utilities in four states and a growing competitive generation company, as well as fiber optics and wireless communications. Southern Company brands are known for excellent customer service, high reliability and affordable prices that are below the national average. Through an industry-leading commitment to innovation, Southern Company and its subsidiaries are inventing America's energy future by developing the full portfolio of energy resources, including nuclear, 21st century coal, natural gas, renewables and energy efficiency, and creating new products and services for the benefit of customers. Southern Company has been named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer, listed by Black Enterprise magazine as one of the 40 Best Companies for Diversity and designated a 2014 Top Employer for Hispanics by Hispanic Network. The company earned the 2014 National Award of Nuclear Science and History from the National Atomic Museum Foundation for its leadership and commitment to nuclear development, and is continually ranked among the top utilities in Fortune's annual World's Most Admired Electric and Gas Utility rankings. Visit our website at www.southerncompany.com.
Cautionary Notes Regarding Forward-Looking Statements:
Certain information contained in this release is forward-looking information based on current expectations and plans that involve risks and uncertainties. Forward-looking information includes, among other things, statements concerning the completion of pending acquisitions and ongoing construction projects and the expected use of proceeds of the green bonds. Southern Company and Southern Power caution that there are certain factors that can cause actual results to differ materially from the forward-looking information that has been provided. The reader is cautioned not to put undue reliance on this forward-looking information, which is not a guarantee of future performance and is subject to a number of uncertainties and other factors, many of which are outside the control of Southern Company and Southern Power; accordingly, there can be no assurance that such suggested results will be realized. The following factors, in addition to those discussed in each of Southern Company's and Southern Power's Annual Reports on Form 10-K for the year ended December 31, 2014, and subsequent securities filings, could cause actual results to differ materially from management expectations as suggested by such forward-looking information: the ability to control costs and avoid cost overruns during the development and construction of generating facilities, to construct facilities in accordance with the requirements of permits and licenses, and to satisfy any operational and environmental performance standards, including the requirements of tax credits and other incentives; and potential business strategies, including acquisitions or dispositions of assets or businesses, which cannot be assured to be completed or beneficial to Southern Company or Southern Power. Southern Company and Southern Power expressly disclaim any obligation to update any forward-looking information.
SOURCE Southern Company
For further information: Southern Company Media Relations, 404-506-5333 or 866-506-5333