PRESS RELEASE
Denham Capital
provides DSI
Sustainability
Bond to
South Jersey Industries
Inaugural sustainability-focused private
placement bond tranche for South Jersey Industries
Jersey City, NJ
— July 19,
2022 — Denham
Sustainable Infrastructure (“DSI”) is pleased to announce it has
committed to a corporate private bond investment through its
Sustainable Infrastructure Credit platform, as part of South Jersey
Industries Inc.’s (“SJI”) latest private placement financing.
SJI is a US-based energy infrastructure holding
company headquartered in Folsom, NJ that delivers energy services
to customers through two primary subsidiaries: SJI Utilities, Inc.
and SJI Energy Enterprises, Inc.
On July 14, 2022, SJI entered a Note Purchase
Agreement, arranged by KeyBanc Capital Markets and PNC, providing
for the issuance in a private placement of $400 million aggregate
principal amount of senior unsecured fixed rate notes in four
series. One of those series consists of notes in an aggregate
principal amount of $80 million (the “Green Bonds”), whose net
proceeds are required to be used for sustainable projects under a
self-certification framework using Key Performance Indicators and
parameters aligned with Denham Sustainable Infrastructure Credit.
Of such amount, $200 million, including $40 million of Green Bonds,
were issued on July 14, 2022. The remaining 200 million of notes,
including $40 million of Green Bonds, are expected to be issued on
September 15, 2022.
Eligibility criteria for the Green Bonds cover a
range of assets, including renewables, green hydrogen production,
distribution, transmission or storage, biogas production, and
upgrades or retrofits intended to reduce energy consumption through
smart grids and other technologies.
The transaction marks an important milestone
from Denham’s Sustainable Infrastructure Credit Platform, having
now committed to six transactions since its first investment in
December 2021.
Jorge
Camiña, Partner and Head
of Sustainable Infrastructure
Credit at Denham Capital,
added:
“We are thrilled to provide this Green Bond
investment to support SJI’s vision to advance towards a clean
energy future and achieve carbon-neutral operations by 2040.
Sustainability is at the forefront of our
Sustainable Infrastructure Credit platform commitment. SJI’s plans
in decarbonization initiatives, renewable energy investments and
energy efficiency measures align with Denham’s drive to support and
invest in the supply of safe, reliable, affordable, and sustainable
energy.”
Steven Cocchi, Senior Vice President and
Chief Financial Officer at South Jersey Industries Inc.,
added:
“SJI has historically been committed to
providing our customers and communities with safe, reliable,
affordable, clean energy. We are proud to partner with Denham
Capital and look forward to utilizing the Green Bonds to continue
to invest in innovative technologies to advance our mission to
provide a clean energy future for our 700,000+ families and
businesses who rely on us each day.”
About Denham Capital
Denham Capital is a global sustainable
infrastructure, energy and resources focused investment firm, with
more than $12 billion of invested and committed capital across
multiple fund vehicles since inception. Specializing in private
equity, infrastructure and debt, Denham invests in sectors that are
essential to economic growth. Denham’s investments help deliver the
sustainable infrastructure, energy and mineral resources needed for
everyday life and the energy transition. The Denham team comprises
sector specialists with expertise that enables Denham to build,
develop and exit valuable renewable power, energy storage, water
infrastructure and resources assets. With an ongoing focus on
opportunities in the global energy transition, Denham recognizes
the need to build a low carbon economy and seeks to invest
increasingly in companies and projects which share our vision for
sustainable growth and long-term value creation. For more
information, visit
https://www.denhamcapital.com/sustainable-infrastructure
About SJI
SJI (NYSE: SJI), an energy infrastructure
holding company based in Folsom, NJ, delivers energy services to
customers through two primary subsidiaries: SJI Utilities (SJIU)
and SJI Energy Enterprises (SJIEE). SJIU houses the company’s
regulated natural gas utility operations, delivering safe, reliable
and affordable natural gas to more than 700,000 residential,
commercial and industrial customers across New Jersey via its South
Jersey Gas and Elizabethtown Gas subsidiaries. SJIEE houses the
company’s non-utility operations primarily focused on clean energy
development and decarbonization via renewable energy production and
energy management activities. Visit sjindustries.com for more
information about SJI and its subsidiaries.
Forward-Looking Statements
This release includes statements that are forward-looking
statements made pursuant to the safe harbor provisions of the
Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, as amended, including
statements regarding SJI’s future expectations, beliefs, plans,
objectives, financial conditions, assumptions or future events or
performance that are not historical facts. This information may
involve risks and uncertainties that could cause actual results to
differ materially from such forward-looking statements.
All statements about SJI, other than statements
of historical fact, including statements regarding guidance,
industry prospects, future results of operations or financial
position, strategy, financing needs, or future capital
expenditures, should be considered forward-looking statements made
in good faith by SJI, as applicable, and are intended to qualify
for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. When used in this
release, or any other documents, words such as “anticipate,”
“believe,” “estimate,” “expect,” “forecast,” “goal,” “intend,”
“objective,” “plan,” “project,” “seek,” “strategy,” “target,”
“will” and similar expressions are intended to identify
forward-looking statements. These forward-looking statements are
based on the beliefs and assumptions of SJI’s management at the
time that these statements were prepared and are inherently
uncertain. Such forward-looking statements are subject to risks and
uncertainties that could cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These risks and uncertainties, as well as other risks and
uncertainties that could cause SJI’s actual results to differ
materially from those expressed in the forward-looking statements,
are described in greater detail under the heading “Item 1A. Risk
Factors” on Form 10-K for the year ended December 31, 2021 and in
any other SEC filings made by SJI. SJI cautions that these risks
and factors are not exclusive, and undue reliance should not be put
on forward-looking statements. Forward-looking statements speak
only as of the date of this press release, and SJI does not
undertake any obligation to update or supplement any
forward-looking statements to reflect actual results, new
information, future events, changes in its expectations or other
circumstances that exist after the date as of which the
forward-looking statements were made.
Contact Details
Denham
Media |
Elizabeth Adams |
+44 (0)7974 982
331 |
DenhamCapital@fticonsulting.com |
South Jersey
Industries |
Dominick DiRocco |
(732) 239-4462 |
ddirocco@sjindustries.com |
South Jersey Industries (NYSE:SJI)
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