Duke Energy Issues $700 mn Green Bond to Fund Renewable Investments

Duke Energy Florida has completed two debt issuances, aligned with the company’s focus on generating renewable energy and advancing diversity and inclusion.

Duke Energy Florida, a subsidiary of Duke Energy, completed two debt issuances, aligned with the company’s focus on generating renewable energy and advancing diversity and inclusion.

The first transaction, totaling USD 700 million, marks Duke Energy Florida’s inaugural green bond, which will finance eligible green energy projects, including the development, construction and procurement of solar generation and utility-scale battery storage projects in the state.

This transaction marks the third green bond issued by a Duke Energy utility in the past 12 months – and brings Duke Energy’s total clean energy offerings to USD 2.3 billion. Duke Energy Carolinas issued a USD 1 billion green bond in November 2018 and Duke Energy Progress issued a USD 600 million green bond in March 2019.

“These transactions demonstrate Duke Energy is investing in more than just energy infrastructure. By offering green and diversity-led bonds, we are investing in the future of Florida,” said Duke Energy Florida state president Catherine Stempien. “We are generating cleaner energy for our customers and communities – and the green bond helps us fund these important projects as we advance our carbon-reduction goals.

As a company, we’re enhancing diversity and inclusion, with our commitment extending beyond the walls of Duke Energy. Increasing diversity is the right thing to do – and we are taking deliberate actions to increase our work with diverse suppliers, financial advisors, investors and more.”

Duke Energy Florida’s second transaction, totaling USD 200 million, was led by PNC Bank and five diversity-owned financial institutions, further demonstrating Duke Energy’s pledge to elevate diversity and inclusion. The funds from this bond will be used to cover costs associated with Hurricane Dorian, as well as other general corporate purposes.

The firm has outlined a comprehensive strategy to reduce carbon emissions by more than 50 percent by 2030 and is striving to attain net-zero carbon emissions by 2050. The Florida subsidiary plans to install or acquire more than 700 megawatts of solar energy through 2022. To date, approximately 345 megawatts have been installed or are currently under construction to benefit customers.