California Authority to Sell $950 Million of Green Bonds to Prepurchase Power

By Stephen Nakrosis

The California Community Choice Financing Authority is offering $950 million of green bonds to prepay for a 30-year supply of electricity.

The authority will sell Series 2025 G bonds to purchase electricity from Aron Energy Prepay 62 LLC, a Delaware-based company owned by J. Aron, according to documents posted Monday on MuniOS.

J. Aron, which is principally engaged as a swap dealer and market-maker for electricity among other activities, is owned by Goldman Sachs.

The energy will then be sold by the authority to Peninsula Clean Energy, which serves residents and businesses in San Mateo County and the City of Los Banos. The bonds will be backed by a trust fund and by revenue from the clean energy project.

will supply the electricity, with New York Life Insurance serving as the funding recipient and BP Energy will serve as the commodity swap counterparty.

The will pay interest semiannually on Feb. 1 and Aug. 1, starting Feb. 1, 2026. The final maturity date is Aug. 1, 2035.

The authority is a joint powers agency which was established to purchase and sell electricity, issue bonds, and operate prepayment projects, among other powers. In Oct., the Authority announced a $950 million offering for Series 2025F bonds to pre-purchase electricity which will be sold to the Silicon Valley Clean Energy Authority.

Moody's Investors Service has assigned the bonds a municipal bond rating of Aa1.

Goldman Sachs and Siebert Williams Shank are listed as the offering's lead managers.

-Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 02, 2025 15:52 ET (20:52 GMT)