ImpactAlpha, December 9 — San Francisco Bay Area-based California Community Choice Financing Authority was set up earlier this year to help energy suppliers chosen by local governments reduce prices for ratepayers.
Proceeds of the two municipal bonds of $1.5 billion and $700 million will prepay for 450 megawatts of clean energy to serve 163,000 homes and businesses in the Bay Area and Central Valley. The pre-purchases will help the ‘community choice aggregators’ save nearly $7 million each year.
Goldman Sachs and Morgan Stanley underwrote the bonds.
Benefiting from the bonds are East Bay Community Energy, Silicon Valley Clean Energy and MCE, which provides energy in four Bay Area counties.
“The two prepay transactions are a fantastic representation of CCAs’ position at the leading edge of the clean energy transition,” said CCCFA’s Nick Chaset. MCE’s Dawn Weisz said the deal “will help us deliver on our promise of cleaner power, community reinvestment and competitive rates.”