S&P Global Ratings Issues 'A' Credit Rating to Sonoma Clean Power
SCP has demonstrated robust financials, a diverse power supply, and no outstanding debt.
Sonoma Clean Power (SCP) announced today it earned an ‘A’ issuer credit rating (ICR) from S&P Global Ratings. As the public power provider serving 87% of eligible customers in Sonoma and Mendocino Counties, SCP has contracted for $2 billion in renewable and hydroelectric power since starting service in 2014.
The ‘A’ rating speaks to SCP’s solid financial management, with the report stating SCP has “…robust liquidity, the absence of debt, and an overwhelmingly clean energy portfolio.” The outlook is stable.
SCP’s purpose is to generate clean electricity to power all energy needs in buildings and cars while limiting the volatility of customer rates as delivery charges and fees from PG&E impact customer bills.
“Having a strong credit rating will help SCP accelerate construction of new renewable sources,” said Geof Syphers, CEO. “An ‘A’ rating will shorten the time it takes us to contract for clean power and give us improved access to low-cost financing. That means continuing to provide cleaner power while combatting California’s high cost of energy.”
Sonoma Clean Power is the not-for-profit public power provider that operates a Community Choice Aggregation or ‘CCA’ for Sonoma and Mendocino Counties, serving a population of about a half million. SCP has operated for 7-1/2 years, serving all the cities and unincorporated areas of the two counties except Healdsburg and Ukiah, where long-standing municipal power providers exist. In downtown Santa Rosa, SCP operates the only Advanced Energy Center in the United States dedicated to helping customers transition to 100% renewable energy for their homes, businesses, and cars. SCP is also the only power provider in California offering 100% renewable energy twenty-four hours per day, every day of the year. To learn more, visit sonomacleanpower.org or call 1 (855) 202-2139.