Second credit rating supports stable financial outlook
Sunnyvale, Calif. – On January 5, S&P Global Ratings assigned an ‘A’ issuer credit rating to Silicon Valley Clean Energy (SVCE). This credit rating, the second investment-grade credit rating for SVCE, reflects the assessment completed by S&P Global, and speaks to SVCE’s financial strength and robust energy risk management policies.
“Silicon Valley Clean Energy continues to leverage financial stability to build partnerships and procure electricity that has a meaningful impact on the environment and in our communities. New opportunities from this credit rating allow SVCE to provide affordable clean electricity while continuing to fund innovation and decarbonization programs within the SVCE service area,” said SVCE CEO, Girish Balachandran.
S&P Global’s ‘A’ rating recognizes the stability of the customer base since service began in 2017, a diverse clean power supply, low rates and internal credit-supportive policies seen at SVCE. S&P Global views SVCE financial and enterprise profiles as strong, with approximately $160 million in cash reserves.
The ‘A’ rating will enable SVCE to negotiate new energy supply contracts at lower costs, resulting in lower energy rates for customers. It also offers further transparency for SVCE customers on the agency’s financial standing. SVCE seeks these benefits for its customers, to continually offer clean, affordable energy while investing funds back into the communities it serves, with the overall goal of reducing emissions in the electricity, transportation and building sectors.
In 2020, SVCE received a Baa2 credit rating credit rating from Moody’s.
S&P Global’s rating can be found here.
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About Silicon Valley Clean Energy
Silicon Valley Clean Energy is a not-for-profit, community-owned agency providing clean electricity from renewable and carbon-free sources to more than 270,000 residential and commercial customers in 13 Santa Clara County jurisdictions. As a public agency, net revenues are returned to the community to keep rates competitive and promote clean energy programs. Silicon Valley Clean Energy is advancing innovative solutions to fight climate change by decarbonizing the grid, transportation, and buildings. Learn more at SVCleanEnergy.org.
Media Contact
Michaela Pippin
Communications Specialist
O: 408-721-5301 x1020
michaela.pippin@svcleanenergy.org
