Bank of America Issues $600 Million in Notes to Back Renewables

(Bloomberg) — Bank of America Corp., the second-largest
U.S. bank, issued $600 million in bonds to fund energy-efficiency and renewable-power projects.

That’s the bank’s second offering of so-called green bonds
after a $500 million issuance in 2013, the Charlotte, North
Carolina-based lender said in a statement Thursday. The bonds
are part of a pledge to commit $50 billion over 10 years for
low-carbon projects through funding and banking services.

Investors this year may buy as much as $80 billion in bonds
that support clean energy, according to research from Bloomberg
New Energy Finance. That would be the most sold since 2010, when
most lenders first offered them.

“Green bonds will play an important role in closing the
financing gap for renewable energy, energy efficiency and other
lower-carbon projects,” Bank of America Chief Operating Officer
Thomas Montag said in the statement. “The market for green
bonds is expanding rapidly.”

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Carlos Caminada

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