The Illinois Environmental Protection Agency (Illinois EPA) and the Illinois Finance Authority (IFA) have reported the successful closure of a significant green bond sale, securing funds projected to propel water infrastructure projects throughout the state. According to a press release from the Governor's office , the Series 2025 Green Bonds sale concluded on April 16, 2025, and yielded a hefty $544.2 million for the State Revolving Fund (SRF) Programs.

Despite the tumult in the economy, evidently due to federal level decisions, Governor JB Pritzker was quoted boasting the strength of Illinois' bid acceptance, "Illinois continues to receive strong bids from the bond market, amid the economic uncertainty being created on the federal level," the sense of pride was evident in his words. Pritzker highlights Illinois's fiscal discipline as the cornerstone for infrastructure upgrades, such as lead pipe replacements and economic opportunities. The sale included the refinancing of existing bonds, which enhanced debt service coverage and overall program capacity, realizing $27.7 million in gross savings and $17.3 million in present value savings.

Authorities at both the Illinois EPA and IFA viewed this as a continuation of their more than a decade-long partnership aimed at improving state water facilities. Illinois EPA Acting Director James Jennings emphasized the impact of the bonds, "The proceeds from the bond sales represent a significant portion of Illinois' State Revolving Fund, allowing Illinois EPA to address the needs of our communities," James Jennings told the Governor's office , underlining the criticality of financing water infrastructure projects through these funds.

Chris Meister, Executive Director of IFA, acknowledged the diversity of the team that made the transaction possible and expressed gratitude to both Governor Pritzker and Jennings for their role in facilitating the deal. "The Series 2025 Green Bonds transaction was made possible by a team of professionals who reflect the diversity of the state of Illinois," said Meister, lauding the efforts from a variety of players. The strong market demand for Illinois debt was evident as the bond attracted orders from over 50 institutional accounts, with more than twenty believed to be first-time investors in the SRF Programs during the book-building phase.

Since 2013, the state has issued over $2 billion in AAA-rated bonds through five separate issuances. These investments serve the dual purpose of mitigating the cost of water infrastructure debt for taxpayers and residents while simultaneously creating jobs in construction and infrastructure improvements, vital for improving human health outcomes in the state.

The need for such investments is far from a temporary demand, with the Illinois EPA estimating that over the next 20 years, projects including lead service line improvements and emerging contaminant controls will require approximately $15 billion in wastewater investments and another $20 billion in drinking water projects. The strategic sale of these green bonds thus aligns with an ongoing effort to fortify Illinois against a future rife with infrastructure needs.