Florida Utility Puts $700 Million to Work for Solar and Storage

Florida Utility Puts $700 Million to Work for Solar and Storage

Duke Energy Florida, a subsidiary of Duke Energy, has completed a $700 million debt issuance for the utility’s first green bond, which will finance eligible green energy projects, including the development, construction and procurement of solar generation and utility-scale battery storage projects in the state.

This transaction marks the third green bond issued by a Duke
Energy utility in the past 12 months – and brings Duke Energy’s total clean
energy offerings to $2.3 billion. Duke Energy Carolinas issued a $1 billion
green bond in November 2018, and Duke Energy Progress issued a $600 million
green bond in March 2019.

“We are generating cleaner energy for our customers and
communities – and the green bond helps us fund these important projects as we
advance our carbon-reduction goals,” says Duke Energy Florida state president
Catherine Stempien.

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Duke Energy has outlined a comprehensive strategy to reduce
carbon emissions by more than 50 percent by 2030, and is striving to attain
net-zero carbon emissions by 2050. Duke Energy Florida plans to install or
acquire more than 700 MW of solar energy through 2022. To date, approximately
345 MW have been installed or are currently under construction.

The $700 million green bond was priced at a fixed-rate coupon of 2.5% and has a 10-year maturity.

PHOTO: A solar installation at Kennedy Space Center

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