A sustainability bond is a bond the proceeds of which are allocated towards the financing or refinancing of eligible projects with environmental and social benefits. Through our subsidiaries Georgia Power, Mississippi Power and Alabama Power, the Southern Company system has issued four series of sustainability bonds totaling over $2.3 billion.
Southern Company System Sustainability Bonds: Issuance Information1
$ amounts in Millions
| Issuer |
Date Issued2 |
Series3 |
Coupon |
Principal
Amount
Issued |
Maturity |
CUSIP |
Net
Proceeds |
% Allocated to
Green Spend |
% Allocated to
Social Spend |
| Georgia Power |
Feb-2021 |
2021A |
3.25% |
$750 |
Mar-2051 |
373334KP5 |
$742.7 |
65% |
35% |
| Mississippi Power |
Jun-2021 |
2021B |
3.10% |
$325 |
Jul-2051 |
605417CD4 |
$318.7 |
75% |
25% |
| Georgia Power4 |
May-2022 |
2022B |
5.125% |
$800 |
May-2052 |
373334KR1 |
$787.2 |
TBD |
TBD |
| Alabama Power4 |
May-2022 |
2022C |
3.940% |
$450 |
Sep-2032 |
010392FZ6 |
$447.0 |
TBD |
TBD |
| Southern Company System (Total Principal Amount) |
$2,325 |
|
|
$2,296 |
|
|
Per our Sustainable Financing Framework, an issuer has up to 12 months from the time of issuance to allocate net proceeds. As of 8/31/2022, the Southern Company system has completed the allocation of nearly $1.1 billion in sustainability bonds consisting of Georgia Power's Series 2021A ($743 million) and Mississippi Power's Series 2021B ($319 million). We expect Georgia Power to complete its allocation for its Series 2022B Equality Progress Sustainability Bonds issuance by May 4, 2023, and Alabama Power's 2023C by August 12, 2023. As shown below, approximately $720 million and $342 million of net proceeds from sustainability bonds have been allocated to eligible green and social spend, respectively.
Southern Company Sustainability Bonds Impact Summary1
of Net Proceeds
allocated to Eligible Green Spend from
Sustainability Bonds
337 Gigawatt Hours
of Carbon-Free Electricity Generated by
Sustainability Bond Projects
239,209 Metric Tons2
of CO2 Emissions Offset by
Sustainability Bond Projects
31,485 Thousand Homes 3
Powered by
Sustainability Bond Projects
of Net Proceeds
allocated to Eligible Social Spend from
Sustainability Bonds
87 Minority- and Women-Owned Suppliers
Supported by Sustainability Bonds
22 Veteran-Owned Suppliers
Supported by
Sustainability Bonds
22 Small Business Suppliers
Supported by
Sustainability Bonds
The net proceeds from these sustainability bonds have been allocated to eligible projects that provide significant environmental and social benefits, underscoring the Southern Company system’s commitment to not only providing clean, safe, reliable and affordable electricity to customers and communities, but also our company’s goal of achieving net zero carbon emissions by 2050 and being a citizen wherever we serve.
More information on sustainability bonds at Georgia Power can be found here. More information on sustainability bonds at Mississippi Power can be found here.
For more information on the Southern Company system’s green bond issuances, please click here.
To learn more about Southern Company’s decarbonization efforts, please click here to review our environmental reports.