Dominion Energy Launches Green Bonds Program
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Dominion Energy, Inc. (NYSE: D), 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 megawatts of renewable energy.
The projects – located in California, North Carolina, South Carolina and Virginia – are supported by long-term power purchase agreements (PPAs) with high-quality, investment-grade utility, municipal and corporate counterparties.
"We are excited about the execution of our inaugural green bond transaction," said James R. Chapman, senior vice president, chief financial officer and treasurer. "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."
Dominion Energy ranks fourth in the U.S. among utility holding companies for owned solar capacity with about 1,250 megawatts in operation in nine states – enough to serve more than 300,000 homes and businesses during peak production.
Barclays served as exclusive private placement agent for this bond offering and McGuireWoods LLP served as issuer's counsel.