Chesapeake Utilities Secures Sustainability Financing for Capital Investments in Power Delivery Solutions
Posted: October 19, 2021 at 3:51 p.m. MDT|Update: 9 hours ago
DOVER, Del., October 19, 2021 / PRNewswire / – Chesapeake Utilities Corporation (NYSE: CPK) today announced that it has obtained $ 9$ 0.6 million in sustainability funding from Bank of America to fund capital investments in energy delivery solutions provided by the company’s Marlin Gas Services subsidiary.
Marlin Gas Services is one of the nation’s leading providers of virtual pipeline solutions for gas utilities, pipeline companies, industrial facilities and other customers. Marlin provides nationwide mobile gas delivery services and specializes in meeting the very specific needs of complex compressed and soon liquefied natural gas applications. As part of a growing set of service offerings, Marlin is also working with its customers to help them meet their sustainability goals by initiating the transportation of renewable natural gas (RNG) produced by landfills and anaerobic digesters to gas pipelines and other infrastructure. This 10 years, $ 9.6 million The loan helps facilitate the purchase and acquisition of key transportation assets that will be used to support RNG transportation.
âAs we continue to invest in clean energy projects, sustainability finance will play an increasing role in our capital structure,â said Beth cooper, Chesapeake Utilities Executive Vice President, Chief Financial Officer and Assistant Corporate Secretary. “This loan facility opens the door to other clean energy projects aligned with our sustainability strategy.”
The funding supports the capital investments necessary to enable the continued expansion of Marlin’s services in these areas and to develop its sustainable business operations. The funding also aligns with Bank of America’s broader sustainability funding efforts.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy distribution company, listed on the New York Stock Exchange, engaged in the transportation and distribution of natural gas; production and distribution of electricity; distribution of propane gas; mobile services and solutions for the distribution of compressed natural gas (CNG); and other businesses. Information on the activities of Chesapeake Utilities Corporation is available at www.chpk.com and on the annual report microsite at cpkannualreport.com.
Please note that Chesapeake Utilities Corporation is not affiliated with Chesapeake Energy, an oil and gas exploration company based in Oklahoma City, Oklahoma.
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SOURCE Chesapeake Utilities Corporation
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