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An energy provider to approximately four million US customers has, through its subsidiary, issued its first green bond to expand low-carbon and clean energy initiatives.

Eversource Energy has through NSTAR Electric Company issued $400 million green bond.

 Eversource Senior Vice President and Treasurer John Moreira, said: “The spread of 85 basis points represents the tightest 10-year new issue spread for an unsecured utility green bond offering, which is tremendous news for our customer.

“This is our inaugural offering in the Green Bond market and we are very pleased with the results. The proceeds from the $400 million debt issue were used to fund various ‘green’ initiatives including new solar projects and investments to help make our customers’ homes and businesses more energy efficient.”

The launch of the green bond comes at a time Eversource Energy:

  • Is operating 22 solar sites with a total capacity to power 11,000 homes, enough to avoid 36,000 metric tons of carbon emissions
  • Is managing the country’s number one- ranked energy efficiency programme, according to the Coalition for Environmentally Responsible Economies and ACEEE.

The development is expected to help Eversource Energy to achieve its energy sustainability goals and to expand its portfolios of energy storage, offshore wind and utility-scale solar projects.