August 6 (Renewables Now) - Energy group New Jersey Resources (NYSE:NJR), which owns over 270 MW of solar assets, is selling USD 150 million (EUR 133.9m) in green bonds to fund future clean energy projects.
The company has issued the initial USD 50 million of green bonds on July 17, and it now expects to sell USD 100 million more on or about August 15, it said on Monday. This is the first green bond transaction for NJR, turning it into the first New Jersey-based diversified energy company selling such financial instruments, the company said.
The green bonds offer a fixed rate of 3.29% per year and mature in 10 years. The proceeds will be used for clean energy investments throughout 2019, among which will be six commercial solar plants with a combined capacity of 50 MW. NJR already owns 272 MW of residential and commercial photovoltaic (PV) installations.
“Our commitment to sustainability is a cornerstone of our company. These bonds support that commitment and are consistent with our investment strategy,” said Steve Westhoven, president and chief operating officer of New Jersey Resources.
(USD 1.0 = EUR 0.892)