PG&E finalizes $860 million green bond issuance

Switch stock jumps on possible reorganization as a REIT

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.

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