Green Bond Information
Green bonds are fixed income instruments designed to fund projects that have positive environmental or climate benefits such as renewable energy production, energy efficiency or the cultivation of environmentally friendly technologies.
In July and August 2019, New Jersey Resources (NJR) issued its first green bond for $150 million, enhancing its commitment to sustainable business practices At the same time, NJR committed to report the key environmental features of the green projects funded and to publish an independent accountant’s report on the allocation of those funds.
The net proceeds of this offering were used to finance eight commercial solar installations that were placed into service in fiscal years 2019 and 2018. The projects have a combined capacity of 63 megawatts and a total carbon reduction of 66,770 tons of carbon dioxide annually, the equivalent of removing 12,840 cars from the road each year.
The specific solar projects NJR allocated the green bond proceeds to are highlighted in the link below. There is also a link to NJR’s management assertion letter regarding the green bond allocation together with the independent accountant’s attestation report.