SFPUC Announces Latest Details of Certified ‘Taxable’ Green Bond Offering

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Joint Media Release

SFPUC Announces Latest Details of Certified ‘Taxable’ Green Bond Offering 

Nearly $350 million in funding will benefit water infrastructure and address climate change to be listed on London Stock Exchange

SAN FRANCISCO/LONDON: 02/10/20: 18:00 BST:  The San Francisco Public Utilities Commission (SFPUC) has posted details of its newest bond offerings, which includes a $342 million (preliminary, subject to change) taxable green bond to refund bonds related to the agency’s Water System Improvement Program (WSIP) which will also be listed on the London Stock Exchange. Find the announcement here. 

“The SFPUC’s Green Bond Program is a great example of how we embrace the notion of being both environmentally and fiscally responsible,” said SFPUC General Manager Harlan L. Kelly, Jr. “These financing tools help us both fund critical infrastructure projects while also allowing us to adapt to the new realities brought on by climate change. By investing smartly now, we are preparing for the future.”

To reach European investors, this taxable financing will be listed on the London Stock Exchange, a first for a US muni green bond. The offering represents the latest series of the SFPUC’s Green Bonds, an innovative program the proceeds of which are dedicated to fund environmentally beneficial projects like clean water, renewable energy, and other initiatives that mitigate and adapt to the risks of climate change.

The bond offering is being managed by Goldman Sachs, Bank of America Securities, Morgan Stanley, Siebert Williams Shank and Company, and SMBC Nikko Securities America.

The SFPUC was the first issuer to certify a green bond under the Climate Bonds Water Criteria in 2016. In 2017, the SFPUC was subsequently recognised for its achievements by Climate Bonds Initiative in the Green Bond Pioneer Awards.

“Offshore listing is another step in the development of the US green municipal market and SFPUC are again leading the way,” said Justine Leigh-Bell, Deputy CEO Climate Bonds Initiative. “Climate impacts and clean water supply are interlinked. We can expect to see more municipal green issuers focused on addressing these twin challenges.”

With its latest offering, the SFPUC will now have offered more than $2.5 billion in green bonds, making it among the global leaders in the field of climate change financing initiatives.

All of the SFPUC’s green bond sale details are available on the agency’s investor portal, which is free and open to the public. Interested investors or residents can access the website to get more information on next week’s bond sale. More information is also available on the agency’s Green Bond report page, which identifies projects, environmental and social impacts, and alignment of projects with the United Nations Sustainable Development Goals.   

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For more information, please contact: 

SFPUC Contact
Will Reisman                                              
+1 415-551-4346                                     
Climate Bonds Initiative Contact
+44 (0) 7593 320 198

 

 

Notes for journalists: 

About the San Francisco Public Utilities Commission: The San Francisco Public Utilities Commission (SFPUC) is a department of the City and County of San Francisco. It delivers drinking water to 2.7 million people in the San Francisco Bay Area, collects and treats wastewater for the City and County of San Francisco, and generates clean power for municipal buildings, residential customers, and businesses. Our mission is to provide our customers with high quality, efficient and reliable water, power, and sewer services in a manner that values environmental and community interests and sustains the resources entrusted to our care. Learn more atwww.sfwater.org.

 

About the Climate Bonds Initiative: Climate Bonds Initiative is an investor-focused not-for-profit, promoting large-scale investment in the low carbon economy. Climate Bonds undertakes advocacy and outreach to inform and stimulate the market, provides policy models and government advice, market data and analysis, and administers an international Standard & Certification Scheme for best practice in green bonds issuance. For more information, please visit www.climatebonds.net.

 

 

 

 

 

 

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