Green Bond Fact Sheet

Sacramento Municipal Utility District

Date: 21/05/2020

Issue date: 07-05-2020 Maturity date: 15-08-2050 Tenor: 30.3
Issuer name

Sacramento Municipal
Utility District

Amount issued

USD400m

Country of risk

USA

CBI Database

Included

Issuer type1

Government-Backed
EntityBond type

US MuniGreen bond framework

N/A

Second party opinion

Kestrel VerifiersCertification Standard

Not certified

Assurance report

N/A

Certification verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☐ Onshore wind
☐ Offshore wind☐ Geothermal☒ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☒ Infrastructure☐ Industry: components☐ Adaptation & resilience☒ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☐ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☐ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☐ Other☐ Adaptation &resilience☐ ICT☐ Industry: process

Issue details
ReportingCompany information

Because the proceeds from the Green Bonds will be used to reimburse SMUD forexpenditures previously made with respect to the green bond projects, no additional
reporting on or monitoring of the status of the green bonds projects is anticipated. However,
SMUD currently produces and annual sustainability report, available on SMUD’s website.
SMUD commits to posting continuing disclosures to the MSRB EMMA system. SMUD
produces and annual sustainability report highlighting climate readiness, environmental
leadership and impact through greenhouse gas reductions.
This will include important sustainability and impact metrics including energy, water, natural
gas usage, and GHG emissions moving towards SMUD’s goal of a 40% reduction.
SMUD is a community-owned not-for-profit electric service. It has served Sacramento forover 70 years and is the 6th largest community-owned electric utility in the country. Theorganisation also has a sustainability strategy in place.

Firsts, records andcertifications
Proceeds description

SMUD will use proceeds of the green bonds in the amount of approximately USD33m toreimburse itself for expenditures previously made. These expenditures went towards
upgrading and renovating its historic headquarters building, repairing and improving twohydroelectric powerhouses in its Upper American River Project and constructing certaintransmission infrastructure. The latter enabled it to take delivery of power generated by asolar PV project sited on its property at the closed Rancho Seco Nuclear Generating Station.

Climate Bonds view

The issuer provides very specific information which projects will be financed and how much
will be invested in each of them. This level of transparency is not very common amongst USMunis and therefore highly encouraged. The issuer also has a sustainability strategy inplace and benefits from an SPO which is less common on the Muni space. Post-issuancetransparency in form of sustainability reporting will also be disclosed.
citiUnderwriters
Deal comments
Credit rating

AA (S&P)
AA (Fitch)

Pricing summary•••

Yield: 2.530%
Coupon: 5.000%
Price: 122.216%Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign