Praxis Mutual Funds® looks for bonds with an intentional positive impact on the environment. AVANGRID’s goal to build and operate responsible energy projects that benefit communities, improve economic development and deliver environmental sustainability for future generations meets Praxis’ core values.
In November 2017, AVANGRID issued its first bond since listing on the New York Stock Exchange in late 2015. The bond was issued under AVANGRID’s newly adopted Framework for Green Financing, a set of guidelines and commitments for AVANGRID’s green financing activities, consistent with Green Bond Principles published by the International Capital Markets Association.
AVANGRID’s green bond offering was nearly four times oversubscribed and attracted many green-focused investors. The nearly $600 million raised has been used to support investment in three AVANGRID renewable generation projects: Amazon Wind Farm North Carolina – Desert Wind, Powered by Avangrid Renewables; Gala Solar Plant; and Twin Buttes II Wind Farm. These facilities will provide clean, renewable energy and reduce CO2 emissions by about 450,000 metric tons annually.
Avangrid Renewables is among the top three wind operators in the United States and has plans to invest $5 billion in renewable generation projects through 2022. The projects financed by AVANGRID’s green bonds and other projects under development will drive advancement toward AVANGRID’s aim to reduce emissions intensity by 25 percent by 2020, compared with the 2015 baseline, and to be carbon neutral by 2035.
About Praxis Mutual Funds and Everence®
Praxis Mutual Funds, advised by Everence Capital Management, is a leading faith-based, socially responsible family of mutual funds designed to help people and groups integrate their finances with values. To learn more about Praxis or the Praxis Impact Bond Fund, visit praxismutualfunds.com.
Everence helps individuals, organizations and congregations integrate finances with faith through a national team of advisors and representatives. Everence offers banking, insurance and financial services with community benefits and stewardship education. To learn more, visit everence.com or call (800) 348-7468.