PG&E secures $15B DOE loan guarantee for hydro, battery, transmission projects

PG&E Corp

PG&E enters $15B DOE loan guarantee (Title XVII) to fund eligible energy infrastructure projects.
Funds available quarterly until earlier of $15B drawn, Sept 2031, or guarantee termination.
Interest rate is Treasury rate + 0.375%; increases by 300 bps upon guarantee trigger event.
Obligations secured by first mortgage bonds; debt-to-capitalization covenant ≤65%.
Loan matures 22 years after each advance or by Jan 2055; projects include hydro, BESS, transmission, VPP.

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