San Rafael Chamber: CCCFA Issues California's First Municipal Clean Energy Project Revenue Bonds Worth Over $2 Billion

San Rafael CA

16 December, 2021

5:49 AM

Description

Press release from the San Rafael Chamber of Commerce: December 6, 2021 Oakland, CA; San Rafael, CA; Sunnyvale, CA (December 6, 2021) – Three Community Choice Aggregators (CCAs) - East Bay Community Energy, MCE, and Silicon Valley Clean Energy – have issued California's first ever municipal non-recourse Clean Energy Project Revenue Bonds through the California Community Choice Financing Authority (CCCFA). Two separate bond issuances, valued at over $2 billion for thirty-year terms, support the purchase of clean electricity to serve over 2.5 million residents and businesses across the Bay Area and Central Valley. The two Clean Energy Project Revenue Bonds prepay for the purchase of over 450 megawatts of clean electricity – enough to power 163,000 homes and reduce 765,000 metric tons of greenhouse gas emissions annually. These transactions will reduce renewable power costs by almost $7 million annually for the first 5-10 years. For decades, municipal utilities have used the prepayment structure as an industry standard practice to reduce costs for the purchase of natural gas. For the first time, these Revenue Bonds apply this structure to the purchase of clean electricity. This press release was produced by the San Rafael Chamber of Commerce. The views expressed here are the author's own.