Westar Energy offers investors $350 million in 'green bonds.'
21 June 2016 - 6:00AM
Topeka, Kan., June 20, 2016 - Westar Energy's
green energy commitment grew stronger as it announced its first
offering of "green bonds" to support additional renewable energy
projects.
Green bonds are an emerging investment asset class
that tie the proceeds of a bond issue to environmentally friendly
projects. In this instance, the green bond proceeds will be
used to invest in wind energy projects, primarily the construction
of the Western Plains Wind Farm.
As previously announced, Westar and Infinity Wind
Power will construct the Western Plains Wind Farm, a 280-megawatt
wind farm in Ford County, Kan., which will bring Westar's renewable
energy commitment to more than 1,700 megawatts. The farm should be
operational by early 2017.
"Green bonds provide another opportunity for
investment in renewable energy in Kansas," said Gov. Sam Brownback.
"These bonds support eligible green projects in the state and
support corporate sustainability goals."
"As we continue to diversify the way we produce
energy, it makes sense for us to offer a green bond so investors
can diversify their portfolios," Tony Somma, Westar Energy chief
financial officer, said regarding the offering announced June
13.
During the past few years, investors' interest in
green bonds has grown as a way to channel private sector financing
toward climate-friendly projects. Green bonds are a positive,
innovative development that help finance the ongoing addition of
low-carbon energy sources.
Westar Energy has been growing its Kansas wind
generation program for nearly a decade, making Kansas one of the
top states in the nation for wind energy production. By early 2017,
wind generation will power more than 400,000 homes and businesses
served by Westar.
- 30 -
Westar Energy, Inc. (NYSE: WR) is Kansas' largest
electric utility. For more than a century, we have provided Kansans
the safe, reliable electricity needed to power their businesses and
homes. Every day our team of professionals takes on projects to
generate and deliver electricity, protect the environment and
provide excellent service to our nearly 700,000 customers. Westar
has 7,200 MW of electric generation capacity fueled by coal,
uranium, natural gas, wind, sun and landfill gas. We are also a
leader in electric transmission in Kansas. Our innovative customer
service programs include mobile-enabled customer care, expanding
use of smart meters and paving the way for electric vehicle
adoption. Our employees live, volunteer and work in the communities
we serve.
For more information about Westar Energy, visit us
on the Internet at http://www.WestarEnergy.com. Westar Energy
is on Facebook: www.Facebook.com/yourwestar and Twitter:
www.Twitter.com/WestarEnergy.
Media Contact:
Gina Penzig
Manager, Media Relations
Phone: 785-575-8089
Gina.Penzig@westarenergy.com
Media line: 888-613-0003
This
announcement is distributed by NASDAQ OMX Corporate Solutions on
behalf of NASDAQ OMX Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Westar Energy, Inc. via Globenewswire
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