The state of Washington will take part in the sale of $900 million of what are called “green bonds” starting Monday, Sept. 28 with a retail sale and then offering the bonds to Wall Street two days later.
According to the publication, Bond Buyer, proceeds of the sale will fund environmentally friendly projects. Those include money for efforts to protect Puget Sound and other waterways across the state.
“I’m excited for Washington residents to have a program that allows for the direct investment in projects that enhance our environment,” state treasurer James McIntire said in a statement. “These Evergreen Bonds will support environmental projects throughout the state to improve our natural habitat for a cleaner and greener Washington.”
Sales will also support habitat conservation, outdoor recreation and farmland preservation.
But its not all land and water-related as bond sales will also aid projects related to energy efficiency and conservation.
Generally bond buyers are interested in infrastructure projects and schools, McIntire said, but this sale is focused on the state’s environmental investments. “We thought they would find a little extra value in it,” McIntire said.
McIntire said the state likes to offer a retail sale period to give local investors the first shot at the bonds before Wall Street does.
The bonds will be coming to market at a good time for the state’s economy. Thanks to the strength of the technology economy in the Puget Sound, the state is in much better shape than that of the nation as a whole.
According to a Wall Street Journal story green bonds tend to bring “more investors to the table,” than do regular bonds.
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