Alphabet in $1.2 Billion Municipal Energy Prepay Transaction

Cleary Gottlieb represented Alphabet Inc. (Alphabet), the parent company of Google LLC (Google) and one of the world’s most valuable public companies, as funding recipient in the California Community Choice Financing Authority’s (CCCFA) issuance of Clean Energy Project Revenue Bonds, Series 2026E (green bonds), through a structure that allows the CCCFA to prefund electricity purchases and allows Alphabet to obtain funding at attractive rates.

In connection with the bond offering, Alphabet entered into a $1.2 billion senior unsecured term loan with Aron Energy Prepay 66 LLC (Aron), a wholly owned subsidiary of The Goldman Sachs Group Inc, pursuant to which Alphabet is required to make monthly payments to Aron at a fixed rate.

The offering launched on June 2, 2026, priced on June 4, 2026, and closed on June 18, 2026.

Alphabet is based in Mountain View, California. Cleary has represented Alphabet in numerous prior transactions, dating back to Alphabet’s reorganization in 2015 in which Cleary served as counsel, and most recently Alphabet’s inaugural ¥576.5 billion offering in May 2026 and $90 billion equity offerings in June 2026. Within the past year and a half, Cleary has represented Alphabet in offerings of debt securities that have raised over $85 billion, issued in six major currencies and multiple markets.

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.

The Cleary corporate team included partners David Gottlieb, Hugh Conroy, and Shuangjun Wang, and associates Stav Harel and Jean Choi.