ATLANTA, Feb. 26, 2021 /PRNewswire/ -- Georgia Power today
announced its first sustainability bond, and the first
sustainability bond for a domestic utility in the United States. Bond proceeds will be
allocated to fund the company's environmental, renewable, and
social initiatives. The 3.25% coupon represents the lowest 30-year
coupon for a publicly-traded bond ever issued by any affiliate of
Southern Company, Georgia Power's parent company, and the lower
pricing directly benefits Georgia Power customers.
"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," said
Dan Tucker, executive vice
president, chief financial officer, and treasurer for Georgia
Power. "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."
With net proceeds of approximately $742
million to be allocated to fund sustainable projects such as
our spending with diverse and small business suppliers and our
investments in renewable energy projects, the bond aligns with our
ongoing commitments to the community and the continued growth of
Georgia Power's solar portfolio, one of the largest voluntary
renewable portfolios in the country.
Growing a Sustainable Future
Georgia Power's
commitment to building a clean and sustainable energy future
includes helping its customers and other industries reduce their
emissions, increase their energy efficiency and minimize their
environmental footprint by investing in programs, customer
offerings and initiatives. The company continues to offer customers
a full range of options to expand access to solar and renewable
energy generation that reduce its environmental footprint as well
as maintain a focus on resource conservation, efficient energy
usage and other sustainability efforts.
Georgia Power already has one of the largest voluntary renewable
portfolios in the country and expects to continue as a leader in
solar energy production by growing its renewable generation by more
than 72 percent by 2025 -- increasing the company's total renewable
capacity to 22 percent of its already diverse portfolio.
The sustainability bond is consistent with international
standards and the sustainable financing framework published by
Southern Company earlier this year. Southern Company was one of the
first U.S. utilities to set bold, industry-leading goals to reduce
greenhouse gas emissions from its system and has set a goal of net
zero greenhouse gas emissions by 2050.
About Georgia Power
Georgia Power is the largest
electric subsidiary of Southern Company (NYSE: SO), America's
premier energy company. Value, Reliability, Customer Service and
Stewardship are the cornerstones of the company's promise to 2.6
million customers in all but four of Georgia's 159 counties. Committed to
delivering clean, safe, reliable and affordable energy at rates
below the national average, Georgia Power maintains a diverse,
innovative generation mix that includes nuclear, coal and natural
gas, as well as renewables such as solar, hydroelectric and wind.
Georgia Power focuses on delivering world-class service to its
customers every day and the company is recognized by J.D. Power as
an industry leader in customer satisfaction. For more information,
visit www.GeorgiaPower.com and connect with the company on
Facebook (Facebook.com/GeorgiaPower), Twitter
(Twitter.com/GeorgiaPower) and Instagram
(Instagram.com/ga_power).
Cautionary Note 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 expected use of proceeds
of and benefits from the sustainability bond, expected renewable
generation growth and carbon emissions reduction goals. Georgia
Power cautions 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 Georgia Power; accordingly, there can be no assurance
that such suggested results will be realized. The following
factors, in addition to those discussed
in Georgia Power's Annual Report on Form 10-K for the
year ended December 31, 2020 and subsequent securities
filings, could cause actual results to differ materially from
management expectations as suggested by such forward-looking
information: the potential effects of the continued COVID-19
pandemic, including, but not limited to, extended disruptions to
supply chains and further reduced labor availability and
productivity, which could have a variety of adverse impacts,
including a negative impact on the ability to develop, construct,
and operate facilities; available sources and costs of natural gas
and other fuels; the ability to control costs and avoid cost and
schedule overruns during the development, construction, and
operation of facilities or other projects; legal proceedings and
regulatory approvals and actions related to construction projects;
the ability to construct facilities in accordance with the
requirements of permits and licenses, to satisfy any environmental
performance standards and the requirements of tax credits and other
incentives, and to integrate facilities into the Southern Company
system upon completion of construction; advances in technology,
including the pace and extent of development of low- to no-carbon
energy technologies and negative carbon concepts; the ability of
counterparties of Georgia Power to make payments as and when due
and to perform as required; the direct or indirect effect on
Georgia Power's business resulting from cyber intrusion or physical
attack and the threat of physical attacks; catastrophic events such
as fires, earthquakes, explosions, floods, tornadoes, hurricanes
and other storms, droughts, pandemic health events, political
unrest or other similar occurrences; and the direct or indirect
effects on Georgia Power's business resulting from incidents
affecting the U.S. electric grid or operation of generating or
storage resources. Georgia Power expressly disclaims any obligation
to update any forward–looking information.
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SOURCE Georgia Power