Green Bond: Financing for Clean, Renewable Energy
In November 2017, AVANGRID issued its first bond since listing on the New York Stock Exchange in late 2015. This inaugural issuance was also AVANGRID’s first use of “green” financing. The bond was issued under AVANGRID’s newly adopted Framework for Green Financing, a set of guidelines and commitments for AVANGRID’s green financing activities that are consistent with the Green Bond Principles published by the International Capital Markets Association.
AVANGRID’s green bond offering was nearly four times oversubscribed and attracted many green-focused investors. The nearly $600 million raised has been used to support investment in three AVANGRID renewable generation projects: Amazon Wind Farm North Carolina – Desert Wind, Powered by Avangrid Renewables, Gala Solar Plant and Twin Buttes II Wind Farm. These facilities will allow our customers to consume clean, renewable energy and reduce their CO2 emissions by approximately 450,000 metric tons annually.
Avangrid Renewables is among the top three wind operators in the United States and has plans to invest $5 billion for renewable generation projects through 2022. The projects financed by AVANGRID’s green bonds and other projects under development will drive advancement toward AVANGRID’s aim to reduce emissions intensity by 25% by 2020, compared to the 2015 baseline, and to be carbon neutral by 2035.
Learn more about Avangrid Renewables.