SRP makes historic $150 million “Green Bonds” sale

April’s historic election just delivered its first major win.

The Clean Energy Team makes a monumental move to issue a $150 million green bond sale, the first in Salt River Project (SRP) history. This marks a pivotal milestone  for the Clean Energy slate as they seek to lower customer costs by enhancing affordable, local energy, such as solar, battery storage and other renewable energy alternatives. 

“The fact that SRP can access bonds allows us to save money for customers. By accessing green bonds, it confirms a clear commitment to building a cleaner electric grid, while offering investors transparency and asset diversification. A win-win, ” said Director Krista O'Brien who introduced an amendment to increase the proposed $100 million bond sale to $150 million. 

SRP staff managing the bond sale indicated that the “green bonds” were well received by investors and helped diversify the portfolio and lower interest rates overall. 

What are green bonds? The International Capital Market Association explains: 

“Green bonds enable capital-raising and investment for new and existing projects with environmental benefits. The Green Bond Principles (GBP) seek to support issuers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy and protect the environment.” 

Moving forward the Clean Energy team will continue to work closely with staff and stakeholders to ensure that the $150 million is used on projects that benefit ratepayers and lower costs and carbon emissions.

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An Important Disclaimer

Ken Clark and Krista O’Brien are Salt River Project Board members. The views expressed in this content are solely their individual views and opinions, and are not made on behalf of the SRP Board of Directors or Salt River Project Agricultural Improvement and Power District.