November 1, 2020

Positive Social Investing: Green Bond Builds Environmentally-Friendly Landscape

By combining resources, investors can make positive social investments that benefit the environment. And that adds up to millions of dollars for energy-efficient technology and renewable energy projects.

Since 2013, Portico has been one of many investors in a Bank of America Green Bond that is funding transformative endeavors across the country. The projects the bond supports — like the two described below — have to meet specific criteria and measure positive impact to the environment.

Renewable Energy: Oklahoma Wind Farms

As partners, NextEra Energy, the largest operator of wind and solar power assets in the United States, and the Bank of America Green Bond made a $170 million tax equity investment in two wind farms in central and eastern Oklahoma which now have the capacity to generate power for more than 42,000 homes. The facilities also deliver clean, renewable power to the citizens of Oklahoma City and surrounding areas. This creates a yearly environmental impact of:

  • 157,000 metric tons of carbon dioxide emissions avoided
  • 4,209,000 thousands of liters of water use avoided
  • 2,000 metric tons of non-hazardous waste avoided

Efficient Energy: California Solar Energy Project

Financing from the Bank of America Green Bond provided $30 million for a photovoltaic (electricity generated from sunlight) energy project in California. The Antioch Unified School District used the funds to purchase solar panels, install energy efficient lighting equipment, and make HVAC upgrades. These solar energy enhancements are designed to produce electricity, which offsets utility costs and generates additional revenue for the school district. The solar energy project also created a ‘living solar laboratory’ at Antioch High School, where students in the Pathway to Engineering program can monitor, measure, and learn from the system’s operation. In addition to environmental benefits, the entire project is expected to save the school district $34.3 million over the 25-year useful life of the project. The yearly environmental impact is:

  • 7,700 metric tons of carbon dioxide emissions avoided
  • 206,000 thousands of liters of water use avoided
  • 103 metric tons of non-hazardous waste avoided
  • 8,700 megawatt hours produced from renewable energy projects
  • 1,700 megawatt hours reduced from efficient energy projects