A green bond is a bond whose proceeds are used for or allocated to projects with environmental benefits.
In 2016, Georgia Power completed the issuance of a $325 million green bond (Series 2016A), becoming the first retail electric utility in the United States to offer this type of security to support investment in sustainable generation. Offering the green bond is another way the company is supporting renewable energy development in Georgia including solar and wind power.
When Georgia Power issued the green bond in March 2016, the company committed to allocate an amount equal to the net proceeds from the bond ($321.7 million) to Eligible Green Expenditures, such as investments in solar power generation projects in the U.S.A. The company also committed to report the key environmental features of those projects and to publish an independent accountant’s report on the allocation.
Below you can see the specific solar power generation projects to which Georgia Power has allocated the green bond proceeds, as well as the environmental benefits of those projects. There is also a link to Georgia Power’s management assertion letter regarding the green bond allocation together with the independent accountant’s attestation report.
Fort Benning Solar
- Amount Allocated: $59.9 million
- In Service: December 31, 2015
- Location: Fort Benning
- Capacity: 30 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and operated by Georgia Power with energy delivered to the state's electric grid.
- As of December 31, 2016, generated enough electricity in 2016 to power the equivalent of approximately 5,608 average U.S. homes for one year. *
- As of December 31, 2016, generated approximately 60,634 MWh and avoided approximately 42,612 metric tons of CO2 for the year 2016. **
- Fact Sheet
* Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
Fort Gordon Solar
- Amount Allocated: $58.1 million
- In Service: October 4, 2016
- Location: Fort Gordon, Georgia
- Capacity: 30 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and operated by Georgia Power with energy delivered to the state's electric grid.
- As of December 31, 2016, generated enough electricity in 2016 to power the equivalent of approximately 1,170 average U.S. homes for one year.*
- As of December 31, 2016, generated approximately 12,655 MWh and avoided approximately 8,894 metric tons of CO2 for the year 2016. **
- Fact Sheet
* Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
Fort Stewart Solar
- Amount Allocated: $60.1 million
- In Service: October 4, 2016
- Location: Fort Stewart, Georgia
- Capacity: 30 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and operated by Georgia Power with energy delivered to the state's electric grid.
- As of December 31, 2016, generated enough electricity in 2016 to power the equivalent of approximately 1,119 average U.S. homes for one year. *
- As of December 31, 2016, generated approximately 12,104 MWh and avoided approximately 8,506 metric tons of CO2 for the year 2016. **
- Fact Sheet
* Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
Navy - Kings Bay Solar
- Amount Allocated: $64.9 million
- In Service: December 1, 2016
- Location: Kings Bay, Georgia
- Capacity: 30 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and operated by Georgia Power with energy delivered to the state's electric grid.
- As of December 31, 2016, generated enough electricity in 2016 to power the equivalent of approximately 337 average U.S. homes for one year.*
- As of December 31, 2016, generated approximately 3,640 MWh and avoided approximately 2,558 metric tons of CO2 for the year 2016. **
- Fact Sheet
* Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
Marine Corps Logistics Base (MCLB) Solar
- Amount Allocated: $74.2 million
- In Service: Expected second half of 2017 – Delayed due to tornado damage incurred in January 2017
- Location: Albany, Georgia
- Capacity: 31 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and will be operated by Georgia Power with energy delivered to the state's electric grid.
- Once the MCLB solar facility is operational, on an annual basis Georgia Power will report on the facility’s electricity generated, CO2 offset, and equivalent homes powered for one year.
- Fact Sheet
*Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
University of Georgia Solar (UGA) Demonstration Project
- Amount Allocated: $4.5 Million
- In Service: February 4, 2016
- Location: Athens, Georgia
- Capacity: 1 MW AC
- Generation Resource: Photovoltaic Solar
- The facility is owned and operated by Georgia Power with energy delivered to the state's electric grid.
- Georgia Power and our project partners, University of Georgia and the Electric Power Research Institute, will study performance and reliability of fixed and tracking configurations of five separate sub-arrays in this two-year demonstration project. The project will demonstrate optimal orientation and tracking technology suited for Georgia’s climate and energy demand.
- UGA will receive the renewable energy credits, or RECs.
- As of December 31, 2016, generated enough electricity in 2016 to power the equivalent of approximately 173 average U.S. homes for one year.*
- As of December 31, 2016, generated approximately 1,872 MWh and avoided approximately 1,315 metric tons of CO2 for the year 2016**
- Fact Sheet
* Per the EIA 2015 annual average residential electricity consumption. Note that solar is an intermittent resource that only produces power when sunlight strikes panels. “Homes powered” is an equivalent figure, not reflecting actual 24/7 production.
** Per the EPA Greenhouse Gas Equivalencies Calculator: https://www.epa.gov/energy/greenhouse-gas-equivalencies-calculator. The CO2 emission factor used by the GHG Equivalencies Calculator represents the 2012 U.S. annual non-baseload CO2 output emission rate.
Georgia Power’s affiliate, Southern Power, has also issued green bonds. For more information on Southern Power green bonds please click here
Management Assertion and Independent Accountants' Attestation Report