Green Bond Fact Sheet

The State of Nevada Department of Business and Industry Environmental
Improvement
Date: 11/02/2020
Issue date: 05-09-2019 Maturity date: 15-02-2038 Tenor: 18.5
Issuer Name

The State of Nevada
Department ofBusiness and Industry
Environmental
Improvement

Amount Issued

USD50mCountry of risk

USA

CBI Database

Included

Issuer Type1

Local Government

Bond TypeUS MuniGreen Bond Framework

N/A

Second party opinion

Sustainalytics

Certification 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 emission
vehicles☐ 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

Allocation information regarding the amount of green bond proceeds allocated to Sierra will
be provided on an annual basis until the proceeds are fully allocated. There will also be animpact report disclosing voluntary quantitative environmental performance indicators.
These may include:
Annual tonnage of municipal solid waste diverted from the landfill
Annual gallons of low carbon transportation fuel produced
Possible GHG emissions saved per year by using municipal solid waste feedstock in
the gasification and technologies vs traditional fossil fuel production.
The issuer of the bond is the State of Nevada Department of Business and Industry; adepartment in the branch of the government of the state. The ultimate borrower is Sierra
BioFuels. Established in 2008, it develops, constructs, installs, equips, commissions, owns
and operates the Sierra BioFuels Plant.

Firsts, records andcertifications
Proceeds description

The State of Nevada Department of Business and Industry will issue bonds that loans theproceeds to Fulcrum Sierra BioFuels, LLC. These funds will go towards financing orrefinancing a portion of the costs of the acquisition, construction, improvement,development, equipping and furnishing of a municipal solid waste to low carbon fuelsbiorefinery. It will also fund a portion of the cost of the improvements to and equipping ofa feedstock processing facility being used for preliminary sorting and processing ofmunicipal solid waste.

Climate Bonds viewSPOs amongst US Municipal issuers are rare and it is great to see this level of transparency
and post issuance reporting.
MSUnderwriters
Deal comments
Credit Rating
Pricing summary

Investors summary•••

Yield: 5.749%
Coupon: 5.750%
Price: 100n%1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign