In 2019, Eversource Energy subsidiary NSTAR Electric completed its inaugural issuance of $400 million of green bonds (3.25 percent debentures due 2029) that will finance Eligible Green Expenditures – including energy efficiency programs and solar power generation projects – in the Commonwealth of Massachusetts.
A green bond is a bond whose proceeds are used for, or allocated to, projects with environmental benefits. NSTAR Electric's was the first green bond transaction issued by a Massachusetts-based utility distribution company. Offering the green bonds is another way the company is supporting energy efficiency efforts and renewable energy development in Massachusetts.
When issued in May 2019, the company committed to allocate an amount equal to the net proceeds from the bonds ($396.5 million) to Eligible Green Expenditures, such as energy efficiency program spending and solar power generation projects in Massachusetts.
The company also committed to report the key environmental features of those expenditures and to publish an independent accountants' report on the allocation of the Eligible Green Expenditures between energy efficiency and solar power generation.
Below you can find links to information on the energy efficiency programs, solar power generation projects as well as the environmental benefits of these projects.
There are also links to the Green Bond Prospectus and our management assertion letter regarding the green bonds allocation together with the independent accountants’ attestation report.