Green Bond Fact Sheet

Clearway Energy Operating LLC

Date: 16/12/2019

Issue date: 11-12-2019 Maturity date: 01-10-2044 Tenor: 8.3
Issuer Name

Clearway Energy
Operating LLC

Amount Issued

USD600m

Country of risk

USA

CBI Database

Included

Issuer Type1

Non-Financial Corporate

Bond Type

N/A

Green 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☐ Energy performance☐ 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☐ Wastewater treatment☐ Water storage☐ Storm water mgmt
☐ Flood protection☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Waste to energy☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ 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
ReportingIssuer information

The company will publish an allocation and impact report once every year which will be publicly
available on the company website until all of the proceeds have been allocated. The allocation
report will include information such as a list of eligible projects, the allocated amounts andunallocated proceeds. The impact report will contain qualitative and quantitative environmental
performance indicators, the capacity of the eligible projects and the GHG emissions avoided.
Clearway Energy Operations belongs to the Clearway Energy Group and is an energy
infrastructure investor and asset owner which also provides operation and maintenanceservices.

Firsts, records andcertifications
Proceeds description

The funds will go towards renewable energy projects in the solar and wind space. This includes
construction, maintenance, refurbishment and acquisition of such facilities. The proceeds will
mainly refinance the green assets that are already in place.
Fossil fuel generation and nuclear energy technology, equipment or infrastructure areexcluded a priori.

Climate Bonds view

It is great to see another energy provider from the US coming to the green bond market.
Increasing the share of renewables in the energy mix is important moving towards thedecarbonisation of the energy sector. Especially solar has a rather smaller share in the US
and therefore it is encouraging to see that more infrastructure in that spaced is underdevelopment.

Underwriters

Citi, Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley

Deal comments
Credit Rating

BB (S&P)

Pricing summary•Coupon: 4.750%

Investors summary

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