By Rebecca Melvin
Concord, N.H., Oct. 1 – Portland General Electric Co. announced that it has placed $150 million of green bonds due 2051, representing its inaugural issue in the space, according to company news release.
The deal was part of a $400 million placement of the company’s first mortgage bonds, which closed on Sept. 30.
The 2.97% green bonds were issued under PGE’s new green financing framework, which allows the company to issue bonds and other debt instruments to finance or refinance eligible green projects.
The proceeds of this deal will be dedicated to refinancing PGE’s interest in Wheatridge Renewable Energy Facility. It was six times oversubscribed.
Barclays, JPMorgan Chase, BNP Paribas, USBank, Roberts Ryan and Siebert Williams Shank were bookrunners of the deal, with Barclays acting as the green structuring agent.
Portland General Electric is a vertically integrated electric utility based in Portland, Ore.
| Issuer: | Portland General Electric Co.
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| Issue: | Green bonds
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| Amount: | $150 million
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| Maturity: | 2051
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| Bookrunners: | Barclays, JPMorgan Chase, BNP Paribas, USBank, Roberts Ryan and Siebert Williams Shank
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| Green structuring agent: | Barclays
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| Coupon: | 2.97%
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| Settlement date: | Sept. 30
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