New Jersey Resources (NYSE: NJR) today announced the issuance of $120 million of Green Bonds. The proceeds from the sale will fund eligible green investments, including NJR’s commercial solar projects. The bonds have an annual fixed rate of 3.13 percent with a maturity date of September 1, 2031.
“Sustainability is a cornerstone of our company,” said Steve Westhoven, President and Chief Executive Officer of New Jersey Resources. “These green bonds are consistent with our investment strategy and reflect our commitment to responsibly develop clean energy projects, reduce emissions and grow our business.”
Green bonds are financial instruments designed to encourage sustainability projects, such as clean energy production, energy efficiency and environmentally friendly technologies, among others. The net proceeds of NJR’s offering support its clean energy investments, including 10 commercial solar projects with a combined installed capacity of nearly 63 megawatts (MW), or enough clean energy to power approximately 9,900 homes and eliminate about 60,000 tons of carbon dioxide annually.
This is NJR’s second issue of green bonds. NJR has now financed 113 MW of its commercial solar projects with green bonds.