US energy company Tenaska has raised $400m through a green bond issuance to refinance the 150MW Imperial Valley solar centre in California.
The private placement of the senior secured, long-term notes received an investment-grade rating of BBB by Kroll, Tenaska said.
The notes were designated as green bonds as the project contributes to greater environmentally sustainability.
Environmental, social and governance research and ratings organisation Sustainalytics provided a second-party opinion endorsing Tenaska Imperial West’s green bond framework. The opinion follows the guidance provided by the Green Bond Principles of 2017.
Tenaska Imperial West started full commercial operation in April 2016 and sells electricity under a 25-year power purchase agreement to San Diego Gas and Electric.
Tenaska’s chief financial officer Greg Van Dyke said: “Tenaska Imperial West continues to be a successful project, and the market responded favourably.”
Image: Tenaska
Tenaska shines with green bond
Renewable energy project secures $400m to refinance Imperial Valley solar centre
By EBS