$1 billion green bond sale will fund a 30-year supply of renewable and carbon-free energy for San Diego Community Power (SDCP).
Bonds will be used to prepay for EPS-compliant clean energy under a deal involving Morgan Stanley Capital Group.
Moody’s has rated the bonds A2; delivery expected the week of July 14, with maturity dates extending to 2055.
The California Community Choice Financing Authority (CCCFA) is preparing to issue $1 billion in green bonds to support a 30-year supply of clean energy for San Diego Community Power (SDCP). The financing, formally named the Clean Energy Project Revenue Bonds, will back the Clean Energy Project—an initiative delivering EPS-compliant energy from renewable and carbon-free sources.
According to a preliminary official statement posted on MuniOS, “Proceeds of the bonds will be used to prepay the energy supply under an agreement between CCCFA and Energy Prepay III,” a limited liability company wholly owned by Morgan Stanley Capital Group.
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The 2025D Green Bonds are scheduled for delivery during the week of July 14. Maturity dates range from 2030 to 2034, with a term bond set to mature in 2055. Morgan Stanley will serve as the underwriter for the transaction.
The bonds are secured by revenues generated through the Clean Energy Project. As of April, SDCP serviced 956,724 active accounts, accounting for approximately 7.7 million megawatt-hours in annual retail energy sales. Moody’s has assigned the bonds an A2 rating, reflecting confidence in the project’s financial stability and long-term viability.
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