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.
Per Southern Company’s Sustainable Financing Framework, an issuer has up to 12 months from the time of issuance to allocate net proceeds.
Alabama Power Series 2022C $450M Sustainability Bond
On August 12, 2022, Alabama Power issued its first Sustainability Bond with its $450M Series 2022C issuance. Sustainability bonds are designed with proceeds allocated to eligible green and social spend to contribute to the transition to a sustainable economy. Alabama Power received net proceeds of approximately $447M from this issuance (Series 2022C) and completed its allocation in July 2023. For more information regarding the environmental and social benefits for this sustainability bond, as well as the management assertion letter (together with the independent accountants' attestation report), please click here.