PG&E Corporation
Pacific Gas and Electric Company Enters into $15 Billion Loan Guarantee Agreement with DOE and FFB
Summary
On January 17, 2025, Pacific Gas and Electric Company (PG&E) entered into a material definitive agreement involving a loan guarantee agreement with the U.S. Department of Energy (DOE), a note purchase agreement with DOE and the Federal Financing Bank (FFB), and a future advance promissory note from PG&E to FFB. The agreements establish a multi-advance term loan facility under which PG&E can borrow up to $15 billion to reimburse for eligible project costs, subject to certain conditions and events of default. The loan is guaranteed by DOE and secured by PG&E's collateral first mortgage bonds.
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About PG&E Corporation
PG&E Corporation is a prominent energy infrastructure company engaged in delivering gas and electricity services to millions of customers, primarily in Northern and Central California. As a critical player in the utility sector, PG&E focuses on generating, transmitting, and distributing energy while upholding commitments to safety, reliability, and environmental stewardship. The company plays a vital role in supporting regional economies by facilitating energy needs for residential, commercial, and industrial users. PG&E Corporation is also at the forefront of integrating renewable energy sources, contributing to California's ambitious climate goals. By managing a vast network of power lines and gas pipelines, PG&E ensures consistent energy provision in a region prone to environmental challenges such as wildfires and earthquakes. As a major utility provider, PG&E's performance and strategic initiatives significantly impact regulatory environments, energy markets, and sustainability efforts in the burgeoning clean energy transition. Headquartered in San Francisco, California, PG&E Corporation's efforts in modernizing infrastructure and investing in technology aim to enhance grid resilience and customer service across its expansive service area.
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