Alphabet Secures $1.2 Billion Energy Prepay under CCCFA Green Bond Structure

Cleary Gottlieb represented Alphabet Inc. (Alphabet), the parent company of Google LLC, as funding recipient in connection with the California Community Choice Financing Authority’s (CCCFA) issuance of Clean Energy Project Revenue Bonds, Series 2026E. The transaction used a structure that allows the CCCFA to prefund electricity purchases through the issuance of green bonds while enabling Alphabet to obtain funding at attractive rates. As part of the financing, Alphabet entered into a $1.2 billion senior unsecured term loan with Aron Energy Prepay 66 LLC, a wholly owned subsidiary of The Goldman Sachs Group Inc., under which Alphabet is required to make monthly payments to Aron at a fixed rate. The offering launched on June 2, 2026, was priced on June 4, 2026, and closed on June 18, 2026. CCCFA is a joint powers agency whose members consist of Ava Community Energy Authority, Central Coast Community Energy, Clean Power Alliance of Southern California, Marin Clean Energy, Peninsula Clean Energy Authority, Pioneer Community Energy, San Diego Community Power, the City of San José through its community choice aggregator program known as San José Clean Energy, Sonoma Clean Power Authority, Silicon Valley Clean Energy Authority, and Valley Clean Energy Alliance, each a community choice aggregator organized and existing under the laws of the State of California. Cleary Gottlieb represented Alphabet Inc. with a corporate team composed by: partners David Gottlieb, Hugh Conroy and Shuangjun Wang, and associates Stav Harel and Jean Choi.

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Alphabet Secures $1.2 Billion Energy Prepay under CCCFA Green Bond Structure

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Alphabet Secures $1.2 Billion Energy Prepay under CCCFA Green Bond Structure

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