November 2 (Renewables Now) - US utility holding company Dominion Energy Inc (NYSE:D) today announced the launch of a green bond programme and the completion of a USD-362-million (EUR 317m) inaugural offering.
The company will use the funds raised from the privately placed green bond to free up capital deployed in the acquisition, development or construction of 20 solar projects totalling 574 MW. These merchant solar projects are located in California, North Carolina, South Carolina and Virginia and have long-term power purchase agreements (PPAs) with investment-grade utility, municipal and corporate counterparties, Dominion said
The company has a total of about 1,250 MW of owned solar capacity in operation in nine states.
"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," said James R Chapman, senior vice president, chief financial officer and treasurer.
Barclays acted as exclusive private placement agent for the deal and McGuireWoods LLP as issuer's counsel.
(USD 1 = EUR 0.875)