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.
- In 2017, the project generated approximately 56,621 megawatt hours (MWh) and offset 42,138 metric tons of CO2, bringing the total since the project was placed into service to 117,255 MWh and 87,263 metric tons of CO2 offset.*
- In 2017, the project generated enough electricity to power the equivalent of 5,259 average U.S. homes for one year, bringing the total since the project was placed into service to 10,891 homes.**
- Fact Sheet
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
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.
- In 2017, the project generated approximately 58,980 megawatt hours (MWh) and offset 43,894 metric tons of CO2, bringing the total since the project was placed in service to 71,635 MWh and 53,312 metric tons of CO2 offset.*
- In 2017, the project generated enough electricity to power the equivalent of 5,478 average U.S. homes for one year, bringing the total since the project was placed into service to 6,653 homes.**
- Fact Sheet
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
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.
- In 2017, the project generated approximately 58,590 megawatt hours (MWh) and offset 43,604 metric tons of CO2, bringing the total since the project was placed in service to 70,694 MWh and 52,612 metric tons of CO2 offset.*
- In 2017, the project generated enough electricity to power the equivalent of 5,442 average U.S. homes for one year, bringing the total since the project was placed in service to 6,566 homes.**
- Fact Sheet
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
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.
- In 2017, the project generated approximately 59,846 megawatt hours (MWh) and offset 44,538 metric tons of CO2, bringing the total since the project was placed in service to 63,486 MWh and 47,247 metric tons of CO2 offset.*
- In 2017, the project generated enough electricity to power the equivalent of 5,558 average U.S. homes for one year, bringing the total since the project was placed in service to 5,896 homes.**
- Fact Sheet
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
Marine Corps Logistics Base (MCLB) Solar
- Amount Allocated: $74.2 million
- In Service: February 12, 2018
- 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.
- In 2017, facility testing for the project generated approximately 4,584.5* megawatt hours (MWh) and offset 3,412 metric tons of CO2.**
- In 2017, facility testing for the project generated enough electricity to power the equivalent of 425 average U.S. homes for one year.***
- Fact Sheet
* 2017 Energy production is due to facility testing, leading up to in-service date. Energy produced during testing occurred during Q4 and was delivered to the state’s electric grid for GPC customers.
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
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, are studying performance and reliability of fixed and tracking configurations of five separate sub-arrays in this two-year demonstration project. The project demonstrates optimal orientation and tracking technology suited for Georgia’s climate and energy demand.
- UGA will receive the renewable energy credits, or RECs.
- In 2017, the project generated approximately 1,981 megawatt hours (MWh) and offset 1,474 metric tons of CO2, bringing the total since the project was placed into service to 3,853 MWh and 2,867 metric tons of CO2 offset.*
- In 2017, the project generated enough electricity in 2017 to power the equivalent of 184 average U.S. homes for one year, bringing the total since the project was placed into service to 357 homes.**
- Fact Sheet
* 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 2017 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2016 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.
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