PG&E Finalizes $860 Million Green Bond Issuance
November 16 2021 - 7:16PM
Dow Jones News
By Stephen Nakrosis
Pacific Gas and Electric Co. on Tuesday said its subsidiary,
PG&E Recovery Funding, LLC, recently finalized an $860 million
green bond issuance that will finance electric work that has
"significant environmental benefits."
Investments financed by the bonds will include efforts to harden
the electrical system and other electric system improvements, the
company said.
The company also said financing wildfire safety work through
these recovery bonds "will result in significant customer savings
due to the lower cost of securitization when compared to
traditional utility financing."
Chris Foster, PG&E Corp.'s EVP and chief financial officer,
said: "These bonds will reduce costs for our customers while
financing projects that will help protect California's forests
against the impacts of extreme weather and our changing climate,
facilitate the distribution of clean energy, and protect our
customers and planet from future climate-driven risks."
The issuance was recently designated as green bonds following an
analysis by S&P Global Ratings, PG&E said.
Write to Stephen Nakrosis at stephen.nakrosis@wsj.com
(END) Dow Jones Newswires
November 16, 2021 19:01 ET (00:01 GMT)
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