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 2019, the project generated approximately 53,291 megawatt hours (MWh) and offset 37,679 metric tons of CO2, bringing the total since the project was placed into service to 226,008 MWh and 159,816 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 5,831 average U.S. homes for one year, bringing the total since the project was placed into service to 22,440 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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 2019, the project generated approximately 56,554 megawatt hours (MWh) and offset 39,986 metric tons of CO2, bringing the total since the project was placed in service to 184,890 MWh and 130,760 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 6,187 average U.S. homes for one year, bringing the total since the project was placed into service to 18,531 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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 2019, the project generated approximately 54,268 megawatt hours (MWh) and offset 38,370 metric tons of CO2, bringing the total since the project was placed in service to 177,870 MWh and 125,775 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 5,937 average U.S. homes for one year, bringing the total since the project was placed in service to 17,823 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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 2019, the project generated approximately 59,431 megawatt hours (MWh) and offset 42,020 metric tons of CO2, bringing the total since the project was placed in service to 178,245 MWh and 131,039 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 6,502 average U.S. homes for one year, bringing the total since the project was placed in service to 17,928 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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 2019, the project generated approximately 58,704 megawatt hours (MWh) and offset 41,506 metric tons of CO2, bringing the total since the project was placed into service to 112,290 MWh and 79,399 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 6,422 average U.S. homes for one year, bringing the total since the project was placed into service to 11,575 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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 2019, the project generated approximately 1,666 megawatt hours (MWh) and offset 1,178 metric tons of CO2, bringing the total since the project was placed into service to 7,316 MWh and 5,173 metric tons of CO2 offset.*
- In 2019, the project generated enough electricity to power the equivalent of 182 average U.S. homes for one year, bringing the total since the project was placed into service to 725 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 2018 U.S. annual non-baseload CO2 output emission rate.
** Per the EIA 2018 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