California to Issue $995 Million in Green Bonds
By Paulo Trevisani
The California Community Choice Financing Authority plans to issue $995 million in green bonds to finance long-term supply of electric power.
The proceeds are meant to pre-purchase approximately 30 years of renewable electricity, according to preliminary documents published Friday on MuniOS.
The renewable sources include wind, solar and geothermal. The supply will reach 313,000 customers in 22 communities in San Mateo and Merced counties.
Coupon and yield values weren't available. The CCCFA Series 2024C bonds are tax exempt and will bear interest at fixed rates during an initial period.
The bonds are backed by revenues from electricity sales.
Moody's Investors Service has assigned an A2 rating to the bonds.
Goldman Sachs and Siebert Williams are underwriters.
Write to Paulo Trevisani at paulo.trevisani@wsj.com
Corrections & Amplifications
This item was corrected at 3:40 p.m. ET to clarify that the California Community Choice Financing Authority plans to issue $995 million in green bonds Series 2024C, not Series 2024B.
(END) Dow Jones Newswires
September 27, 2024 13:20 ET (17:20 GMT)
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