New Jersey witnesses its first utility green bond


New Jersey Resources has accelerated its commitment to clean energy projects by issuing up to $150 million in green bonds.

The green bonds, $50 million was issued on July 17 and $100 million will be released by August 15.

The bonds have a maturity of 10 years at an annual fixed rate of 3.29%.

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The green bonds will support projects such assustainable energy production, energy efficiency and the cultivation of environmentally-friendly technologies.

For instance, the utility’s six commercial solar projects with a total capacity of 50MW.

Steve Westhoven, president of New Jersey Resources, said: “We are proud to be the first diversified energy company based in New Jersey to offer Green Bonds.

“Our commitment to sustainability is a cornerstone of our company. These bonds support that commitment and are consistent with our investment strategy.”

New Jersey Resources has invested nearly $800 million in its portfolio of residential and commercial solar projects, totaling 272MW since 2009.