November 27 (Renewables Now) - The Florida-based subsidiary of US utility Duke Energy (NYSE:DUK) has finalised the issuance of a USD-700-million (EUR 636m) green bond to fund renewable energy investments.
Duke Energy Florida priced the bond at a fixed-rate coupon of 2.50% and gave it a 10-year maturity. The company will use the proceeds from the issue to finance the development, construction and procurement of solar generation and utility-scale battery storage. It said it plans to install or acquire more than 700 MW of solar power through 2022 and, to date, has 345 MW installed or under construction.
At the same time, Duke Energy Florida also issued a USD-200-million bond in partnership with diversity-owned financial institutions. This transaction, led by PNC Bank, provides funds to cover Hurricane Dorian costs and for other general corporate purposes.
Over the past 12 months, utility companies owned by Duke Energy have issued two more green bonds -- one by Duke Energy Carolinas of USD 1 billion and one by Duke Energy Progress of USD 600 million.
(USD 1.0 = EUR 0.909)