Chesapeake Utilities Secures Sustainability Linked Financing for Capital Investments in Energy Delivery Solutions
DOVER, Del., Oct. 19, 2021
DOVER, Del., Oct. 19, 2021 /PRNewswire/ -- Chesapeake Utilities Corporation (NYSE: CPK) today announced that it has secured $9.6 million in sustainability linked financing from Bank of America to fund capital investments in energy delivery solutions provided by the Company's Marlin Gas Services subsidiary.
Marlin Gas Services in one of the country's leading providers of virtual pipeline solutions for gas utilities, pipeline companies, industrial facilities and other customers. Marlin provides mobile gas delivery services nationwide and specializes in meeting highly specific needs for complex compressed and soon-to-be liquefied natural gas applications. As part of a growing set of service offerings, Marlin is also working with its customers to help achieve their sustainability goals by initiating the transport of Renewable Natural Gas (RNG) produced by landfills and anaerobic digesters to natural gas pipelines and other infrastructure. This 10-year, $9.6 million loan helps to facilitate the purchase and acquisition of key transportation assets that will be used to support RNG transport.
"As we continue to invest in clean energy projects, sustainability linked financing will play an increasing role in our capital structure," said Beth Cooper, Chesapeake Utilities executive vice president, chief financial officer and assistant corporate secretary. "This lending facility opens the door for additional clean energy projects aligned with our sustainability strategy."
The financing supports the capital investments needed to enable Marlin's continued expansion of services in these areas and develop its sustainable business activities. The financing also aligns to Bank of America's broader sustainability financing efforts.
About Chesapeake Utilities Corporation
Chesapeake Utilities Corporation is a diversified energy delivery company, listed on the New York Stock Exchange, which is engaged in natural gas transmission and distribution; electricity generation and distribution; propane gas distribution; mobile compressed natural gas (CNG) utility services and solutions; and other businesses. Information about Chesapeake Utilities Corporation's businesses 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 natural gas exploration company headquartered in Oklahoma City, Oklahoma.
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SOURCE Chesapeake Utilities Corporation