NiSource raises USD 350m from bond issue to fund wind purchases

Wind farm in Indiana. Photo by: David Joyce. License: Creative Commons. Attribution-ShareAlike 2.0 Generic.

June 13 (Renewables Now) - Indiana-based fully-regulated utility NiSource Inc (NYSE:NI) has closed a USD-350-million (EUR 334m) green bond issuance with plans to invest the raised sum to finance the acquisition of eligible renewable energy projects in its home state.

NiSource has issued 30-year senior, unsecured notes priced at 99.614% and with a coupon rate of 5.00%. They will accrue interest payable semi-annually in arrears twice a year on June 15 and December 15, starting this upcoming December.

The company plans to use the net proceeds to finance the purchase of the 302-MW Indiana Crossroads wind project and the 102-MW Rosewater wind project.

NiSource said it remains on track to retire all coal-fired generation by 2026-2028 and intends to invest a total of USD 10 billion in the period 2021-2024. This includes some USD 2 billion in renewables primarily between 2022 and 2024, with any remainder expected in 2025.

By the end of the decade, the company aims to cut scope one greenhouse gas emissions 90% versus 2005 levels.

(USD 1.0 = EUR 0.954)

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