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 2018, the project generated approximately 55,462 megawatt hours (MWh) and offset 39,220 metric tons of CO2, bringing the total since the project was placed into service to 172,717 MWh and 122,137 metric tons of CO2 offset.*
- In 2018, the project generated enough electricity to power the equivalent of 5,333 average U.S. homes for one year, bringing the total since the project was placed into service to 16,609 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 2017 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 2018, the project generated approximately 56,731 megawatt hours (MWh) and offset 40,117 metric tons of CO2, bringing the total since the project was placed in service to 128,336 MWh and 90,774 metric tons of CO2 offset.*
- In 2018, the project generated enough electricity to power the equivalent of 5,455 average U.S. homes for one year, bringing the total since the project was placed into service to 12,344 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 2017 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 2018, the project generated approximately 52,908 megawatt hours (MWh) and offset 37,414 metric tons of CO2, bringing the total since the project was placed in service to 123,602 MWh and 87,405 metric tons of CO2 offset.*
- In 2018, the project generated enough electricity to power the equivalent of 5,088 average U.S. homes for one year, bringing the total since the project was placed in service to 11,886 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 2017 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 2018, the project generated approximately 55,328 megawatt hours (MWh) and offset 39,125 metric tons of CO2, bringing the total since the project was placed in service to 118,814 MWh and 84,019 metric tons of CO2 offset.*
- In 2018, the project generated enough electricity to power the equivalent of 5,321 average U.S. homes for one year, bringing the total since the project was placed in service to 11,426 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 2017 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 2018, the project generated approximately 53,586 megawatt hours (MWh) and offset 37,893 metric tons of CO2,*
- In 2018, the project generated enough electricity to power the equivalent of 5,153 average U.S. homes for one year**
- 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 2017 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 2018, the project generated approximately 1,797 megawatt hours (MWh) and offset 1,271 metric tons of CO2, bringing the total since the project was placed into service to 5,650 MWh and 3,995 metric tons of CO2 offset.*
- In 2018, the project generated enough electricity to power the equivalent of 173 average U.S. homes for one year, bringing the total since the project was placed into service to 543 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 2017 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