Georgia-based utility giant Southern Co. has published a sustainable financing framework which guides it toward clean energy and social project investment.
Southern published the framework earlier this month, focusing how it allows Southern and its subsidiary utilities to issue and allocate financing and net proceeds toward investments in renewable energy, access to education and telecommunications for communities and employment advancement and development.
The company says this framework aligns with its announced goal to become a net zero-carbon company in the future. Southern Company is one of numerous U.S. utilities to set bold, industry-leading goals to reduce greenhouse gas emissions from its system and has set a goal of net zero emissions by 2050.
Eligible social projects under the Framework include the procurement of products and services from diverse suppliers, education assistance for minority populations, as well as economic advancement and development opportunities for underserved employees, communities and students.
The inaugural bond under the Framework, a $400 million green bond, was issued on January 8 by Southern Power Company, a wholly-owned subsidiary of Southern Company.
Following Southern Power’s $400 million green bond offering, the Southern Company system has now issued a combined total of nearly $3.9 billion in green bonds, which ranks within the top five among all U.S. corporate green bond issuers.
In addition to Southern Power, other utility subsidiaries include Georgia Power, Alabama Power and Mississippi Power.