Silicon Valley Clean Energy Finance & Administration Committee
August 4, 2025

We have acted as bond counsel to California Community Choice Financing Authority (the “Issuer”) in connection with issuance of $[ PAR] aggregate principal amount of California Community Choice Financing Authority Clean Energy Project Revenue Bonds, Series 2025[_] (Green Bonds) (Term Rate) (the “Bonds”), issued pursuant to a Trust Indenture, dated as of [___________] 1, 2024 (the “Indenture”), between the Issuer and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The Indenture provides that the Bonds are issued for the purpose of financing the Cost of Acquisition of the Clean Energy Project. Capitalized terms not otherwise defined herein shall have the meanings ascribed thereto in the Indenture.

The Issuer is authorized under the Joint Exercise of Powers Act (the “Act”) constituting Chapter 5 of Division 7 of Title 1 (commencing with Section 6500) of the California Government Code, as amended or supplemented from time to time, to issue the Bonds to finance the Cost of Acquisition of the Clean Energy Project.

In such connection, we have reviewed the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Commodity Swap, the Seller Swap (as defined in the Prepaid Energy Sales Agreement), the Tax Certificate and Agreement, dated the date hereof (the “Tax Certificate”), opinions of counsel to the Issuer and the Trustee, certificates of the Issuer, the Trustee and others, and such other documents, opinions and matters to the extent we deemed necessary to render the opinions set forth herein.

We have examined such proceedings, documents, statutes and decisions, as we consider necessary as the basis for this opinion, including, inter alia, the Act and an executed and authenticated Bond. We assume that all other Bonds have been similarly executed and authenticated. We also assume that all documents, records, certifications and other instruments examined by us are genuine (including the signatures thereon), accurate and complete and we have not undertaken, by independent investigation, to verify the factual matters set forth in any such documents, records, certifications or other instruments.

The rights and obligations under the Bonds, the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Commodity Swap, the Seller Swap, the Tax Certificate and their enforceability may be subject to bankruptcy, insolvency, receivership, reorganization, arrangement, fraudulent conveyance, moratorium and other laws relating to or affecting creditors’ rights, to the application of equitable principles, to the exercise of judicial discretion in appropriate cases and to the limitations on legal remedies against public entities in the State of California. We express no opinion with Item 2
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respect to any indemnification, contribution, liquidated damages, penalty (including any remedy deemed to constitute or having the effect of a penalty), right of set-off, arbitration, judicial reference, choice of law, choice of forum, choice of venue, non-exclusivity of remedies, waiver or severability provisions contained in the foregoing documents, nor do we express any opinion with respect to the state or quality of title to or interest in any of the assets described in or as subject to the lien of the Indenture or the accuracy or sufficiency of the description contained therein of, or the remedies available to enforce liens on, any such assets. Our services did not include financial or other non-legal advice.

Based on and subject to the foregoing, and in reliance thereon, as of the date hereof, we are of the following opinions:

1. The Bonds constitute the valid and binding limited obligations of the Issuer.

2. The Indenture has been duly executed and delivered by, and constitutes the valid and binding obligation of, the Issuer. The Indenture creates a valid pledge, to secure the payment of the principal of and interest on the Bonds, of the Trust Estate, subject to the provisions of the Indenture permitting the application thereof for the purposes and on the terms and conditions set forth in the Indenture, and a valid pledge of the Commodity Swap Payment Fund and the amounts and investments on deposit therein in favor of the Commodity Swap Counterparties.

3. Interest on the Bonds [(including original issue discount)] is excludable from gross income for purposes of federal income tax under existing laws as enacted and construed on the date of initial delivery of the Bonds, assuming the accuracy of the certifications of the Issuer and continuing compliance by the Issuer with the requirements of the Internal Revenue Code of 1986, as amended (the “Code”). Interest on the Bonds is not an item of tax preference for purposes of the federal alternative minimum tax imposed on individuals; however, such interest is taken into account in determining the adjusted financial statement income of applicable corporations, as provided in the Code, for purposes of computing the alternative minimum tax imposed on such corporations. We express no opinion regarding other tax consequences related to the ownership or disposition of, or the amount, accrual or receipt of interest on, the Bonds.

4. Under existing laws as enacted and construed on the date of initial delivery of the Bonds, interest on the Bonds is exempt from State of California personal income taxes. We express no opinion regarding any other state or local tax consequences arising with respect to the ownership, sale or disposition of, or the amount, accrual or receipt of interest on, the Bonds, including, but not limited to, whether the interest on the Bonds is exempt from taxation under the laws of any jurisdiction other than the State of California.

In rendering the opinion set forth in paragraph 3, we have assumed compliance with all covenants and agreements contained in the Indenture, the Prepaid Energy Sales Agreement, the Power Supply Contract, the Tax Certificate, including (without limitation) covenants and agreements compliance with which is necessary to assure that future actions, omissions or events will not cause interest on the Bonds to be included in gross income for federal income tax purposes.

Our engagement as bond counsel imposed no duty on us (a) to undertake any investigation as to either: (i) the adequacy of the security for the Bonds, (ii) the business or financial condition of the Issuer, Item 2
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and (iii) the veracity of any representations or certification made by the Issuer on which we have relied, or (b) to prepare, file or monitor the filing of continuation statements. We assume no obligation to file continuation statements under the Uniform Commercial Code of any jurisdiction, or to advise you to do so.

Our opinions represent our legal judgment based upon our review of the law and the facts that we deem relevant to render such opinion and are not a guarantee of a result. This opinion letter is given solely for the benefit of the addressees and their successors and assigns. This opinion letter is not intended to be employed in any transaction other than the one described above and is being delivered to the addressees with the understanding that it may not be published, quoted, relied on or referred to by, and copies may not be delivered or made available to, in whole in or part, any other person or entity (other than the addressees’ counsel or any applicable rating agency) or used for any other purpose without the express prior written consent of this firm in each instance.

We render this opinion as of the date hereof on the basis of federal law and the laws of the State of California as enacted and construed on the date hereof. We express no opinion as to any matter not set forth in the numbered paragraphs herein, including, without limitation, the accuracy or completeness of the preliminary or final official statement or other documents prepared or statements made in connection with the offering and sale of the Bonds, and make no representation that we have independently verified the contents thereof.

Sincerely yours,
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APPENDIX F

FORM OF SECOND PARTY OPINION REGARDING GREEN BOND DESIGNATION (Please see attached)
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APPENDIX G

BOOK-ENTRY SYSTEM
The Depository Trust Company (“DTC”), New York, New York, will act as securities depository for the Bonds. The Bonds will be issued as fully registered securities registered in the name of Cede & Co. (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully registered bond certificate will be issued for each maturity of the Bonds, each in the aggregate principal amount of such maturity, and will be deposited with DTC. If, however, the aggregate principal amount of any maturity of the Bonds exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount and an additional certificate will be issued with respect to any remaining principal amount of such maturity.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has a Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com
Purchases of Bonds under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds on DTC’s records. The ownership interest of each actual purchaser of each Bond (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participants’ records.

Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners.

Beneficial Owners will not receive certificates representing their ownership interests in Bonds, except in the event that use of the book-entry system for the Bonds is discontinued.

To facilitate subsequent transfers, all Bonds deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested Item 2
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by an authorized representative of DTC. The deposit of Bonds with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership.

DTC has no knowledge of the actual Beneficial Owners of the Bonds; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Bonds are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. Beneficial Owners of Bonds may wish to take certain steps to augment transmission to them of notices of significant events with respect to the Bonds, such as redemptions, tenders, defaults, and proposed amendments to the Bond documents. For example, Beneficial Owners of Bonds may wish to ascertain that the nominee holding the Bonds for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of the notices be provided directly to them.

Redemption notices shall be sent to DTC. If less than all of the Bonds within a maturity of the Bonds are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such maturity to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Bonds unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to CCCFA of securities as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants to whose accounts such Bonds are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Redemption proceeds and payments of principal and interest on the Bonds will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from CCCFA or the Trustee on the payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in “street name,” and will be the responsibility of such Participant and not of DTC, CCCFA or the Trustee, subject to any statutory or regulatory requirements as may be in effect from time to time.

Payment of redemption proceeds and principal and interest to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of CCCFA or the Trustee, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the Bonds at any time by giving reasonable notice to CCCFA or the Trustee. Under such circumstances, in the event that a successor depository is not obtained, Bond certificates are required to be printed and delivered.

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CCCFA may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Bond certificates are required to be printed and delivered to DTC.

The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that CCCFA believes to be reliable, but CCCFA takes no responsibility for the accuracy thereof.

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APPENDIX H

REDEMPTION PRICE OF THE BONDS
The following table sets forth the Redemption Price of the Bonds (being the Amortized Value of the Series 2025[_] Bonds, but excluding accrued interest, upon an extraordinary mandatory redemption following an early termination of the Prepaid Energy Sales Agreement, as of the redemption dates shown below during the Initial Interest Rate Period.

REDEMPTION DATE REDEMPTION PRICE
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APPENDIX I

SCHEDULE OF TERMINATION PAYMENTS
The Termination Payment for any Early Termination Payment Date will be the amount set forth below in the column corresponding to the month in which the Early Termination Date occurs. In the event that the Early Termination Date occurs on other than the last day of a month, the Early Termination Payment will be increased by an amount equal to the product of (a) the Monthly Projected Quantity for such Month, minus the quantity of Energy delivered in such Month prior to the effectiveness of such Early Termination Date, multiplied by (b) the result of (i) the applicable Fixed Price (as defined in the CCCFA Commodity Swap), minus (ii) the Specified Discount then in effect. The Early Termination Payment Date is the last Business Day of the Month following the Month of Early Termination.

MONTH OF EARLY TERMINATION TERMINATION PAYMENT
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APPENDIX J
[TO COME]
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APPENDIX A

THE PROJECT PARTICIPANT

SILICON VALLEY CLEAN ENERGY
General
Silicon Valley Clean Energy (“SVCE”) is a joint powers authority organized and existing pursuant to the Joint Exercise of Powers Act (constituting Chapter 5 of Division 7 of Title 1 (commencing with Section 6500), as amended or supplemented from time to time) (the “Joint Powers Act”), as a “community choice aggregator” (“CCA”) as defined in Section 331.1 of the Public Utilities Code of the State of California, as amended (the “Public Utilities Code”). For a general description of CCAs in California, see the section “COMMUNITY CHOICE AGGREGATORS” in this Official Statement.

SVCE was created in 2016 under the name “Silicon Valley Clean Energy Authority” as a CCA in California pursuant to a Joint Powers Agreement, as amended, by and among the cities and towns participating in SVCE and named therein. SVCE began providing service to customers in 2017.

Originally created to serve communities in Santa Clara County, SVCE now serves 13 member communities. SVCE offers carbon-free power at stable rates, significantly reducing energy-related greenhouse emissions and enabling millions of dollars of reinvestment in local energy programs. SVCE’s mission is to drive increasing access to clean energy, serving the needs of our customers and the well-being of our community by delivering positive environmental impacts and local economic benefits.

Formation and History of SVCE
General. SVCE was formed in March 2016 as a “joint powers authority” to provide electric power and related benefits within its service area, including developing a wide range of renewable energy sources and local clean energy programs. The formation of SVCE was made possible by the passage of California Assembly Bill 117 in 2002, enabling communities to purchase power on behalf of their residents and businesses and creating competition in the electric power market.

Under California Public Utilities Commission designations, SVCE (like other CCAs) is a “load-serving entity” to the communities it serves and does not provide transmission, distribution or billing services. Transmission, distribution, and billing services are provided by Pacific Gas and Electric Company (“PG&E”). PG&E collects and remits SVCE’s billings for electricity to SVCE on a daily basis.

Commencement of Service and Expansion. SVCE began serving customers in communities in Santa Clara County in 2017, with the exceptions of the City of Santa Clara and City of Palo Alto, each having its own municipal utility, and the City of San Jose, which established its own CCA. In December 2017, the Board of Directors accepted the City of Milpitas as a new community member and began providing service to them in June 2018. As further described below, SVCE now serves 13 communities.

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Service Area
Communities Served by SVCE. SVCE currently serves 13 jurisdictions in Santa Clara County, as follows:

City of Campbell City of Cupertino City of Gilroy
City of Los Altos Town of Los Altos Hills Town of Los Gatos City of Milpitas City of Monte Sereno City of Morgan Hill City of Mountain View City of Saratoga City of Sunnyvale Unincorporated County of Santa Clara
Service Area Map. The service area of SVCE is shown on the map below:

Governance and Management
Board of Directors. SVCE is governed by its Board of Directors. Each community that has elected to join SVCE appoints a representative to the Board of Directors. Members of the Board of Directors serve at the pleasure of their respective communities. Meetings of the full Board of Directors are scheduled every month. There is also an Executive Committee, a Finance and Administration Committee, an Audit Committee, and an Ad Hoc Regulatory and Legislative Committee, with members appointed by the Board of Directors that review and report to the Board on various matters.

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Management.

Monica Padilla, Chief Executive Officer. As the Chief Executive Officer of SVCE since April 1, 2024, Monica Padilla works with the elected Board to develop and implement strategies empowering the SVCE team and community to achieve SVCE’s decarbonization goals and its mission of reducing fossil fuels and reinvesting in the community. Previously, Monica was the Chief Operating Officer and Director of Powers Resources at SVCE where she led the team responsible for planning and procurement. Since joining SVCE in 2018, Monica and her team helped negotiate and execute more than $3.6 billion in 20 long-term power purchase agreements for clean and renewable projects including solar-plus-storage, geothermal, wind, and long-duration storage resources. Monica also led the effort on behalf of SVCE and seven other CCAs to acquire long-duration storage to help with the integration of intermittent resources and in support of the California grid. Before joining SVCE, Monica worked for the City of Palo Alto Utilities for over 30 years where she was instrumental in developing and implementing Palo Alto’s Carbon Neutral Plan in 2013, the first carbon-neutral policy adopted for a municipal utility in California. Monica also represented Palo Alto at several joint action agencies, including the Northern California Power Agency and the Transmission Agency of Northern California and oversaw the contract with Palo Alto’s largest supplier – Western Area Power Administration. Monica holds a B.S. in Business from California State University East Bay.

Amrit Singh, Chief Financial Officer and Director of Administrative Services. As the Chief Financial Officer, Amrit oversees and leads the finance, information technology and human resources activities of SVCE. Amrit brings over two decades of experience in the California Energy Markets with extensive experience in managing risks of complex energy procurement portfolios as well as in energy regulation, rate design, and commodity portfolio management.

Amrit’s prior experiences include serving as Pacific Gas and Electric Company’s Senior Director, Market and Credit Risk Management and Senior Director, Revenue Requirements and Rates.

Amrit also worked at startup companies and provided strategic consulting in areas of risk management and utility operations. Amrit has an MBA from the University of California, Berkeley, and a BS in Managerial Economics from the University of California, Davis.

Kris Van Vactor, Director of Power Resources. As the Director of Power Resources, Kris leads a team responsible for planning and carrying out the various energy and capacity procurement, management, and reporting needs consistent with SVCE’s aggressive greenhouse gas reduction policies, portfolio cost and risk management objectives and California’s legislative and regulatory requirements. Kris joined SVCE in August 2022 on the Power Resources Team as SVCE’s Wholesale Energy Markets Manager. Kris has over 20 years of experience serving in energy consulting, energy reporting and energy procurement roles for organizations throughout the Western United States. Kris holds a B.S. in Economics from the University of Oregon.

Maren Wenzel, Director of Regulatory, Policy and Planning. As the Director of Regulatory, Policy and Planning, Maren works to ensure the resources procured by SVCE meet the organization’s greenhouse gas reduction goals as well as the reliability and policy objectives of the state. Maren has worked on decarbonization and resource planning efforts for utilities across the US since 2015. Immediately prior to SVCE, she worked for PG&E where she focused on electricity system forecasting, including for the Integrated Resource Plan and SB100 Joint Agency Item 2
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efforts. She holds a B.A in International Relations from Mills College and an M.A in International Affairs, with a focus on Energy, Resources and the Environment, from the Johns Hopkins School of Advanced International Studies.

Scott Wrigglesworth, Director of Risk Management and Analytics. Scott serves as Director of Risk Management and Analytics after six years at Ascend Analytics. While with Ascend, Scott led the PowerSIMM team which delivered software models and consulting for risk management, procurement and resource planning to dozens of clients including seven California CCAs (including SVCE). Scott’s expertise is in portfolio risk management and he takes an applied focus to the discipline placing emphasis on actionable reporting and clear communication. Prior to Ascend, Scott spent seventeen years at the Dayton Power & Light Company and AES Corporation where he led portfolio analytics for utility, retail and merchant generation portfolios.

Scott teaches Energy Markets at the University of Dayton where he’s been an adjunct professor for a decade. He earned his MBA from the University of Dayton and holds a bachelors in Global Economics from Cedarville University.

Justin Zagunis, Director of Customer Success. Justin works with the SVCE team to plan and design a platform and portfolio of programs to achieve SVCE’s mission of deep decarbonization. He leads efforts in developing, deploying and evaluating innovative programs and technologies related to mobility, the built environment and grid integration and innovation.

Prior to SVCE, Justin worked at City of Palo Alto Utilities on demand side management program design, management and evaluation. Justin has a bachelor’s degree in environmental engineering from California Polytechnic State University and a master’s degree in civil and environmental engineering from Stanford University.

Zoe Elizabeth, Director of Decarbonization Policy and Community Strategies. Zoe serves as the head of the Department of Decarbonization Programs and Policy, where she collaborates with a dedicated team to strategize and create a comprehensive platform and assortment of initiatives aimed at advancing SVCE's mission of achieving substantial decarbonization. Her leadership is instrumental in the development, implementation, and assessment of cutting-edge programs and technologies within the spheres of mobility, urban infrastructure, and grid integration and innovation. Zoe supports all customer segments. She is the key contact for Silicon Valley Transportation Electrification Clearinghouse and the Community Energy Resilience Program. Zoe has over a decade of experience leading regional decarbonization and resilience initiatives. She served as Sustainability Manager for the County of Santa Clara, as Associate Director of the Los Angeles Regional Collaborative for Climate Action and Sustainability, and co-founded the California Center for Sustainable Communities at UCLA. Zoe has a Master’s Degree in Urban Planning from UCLA where she focused on regional approached to climate action. She also earned a Leadership in Sustainability certificate from UCLA’s Anderson School of Management.

Bena Chang, Director of Government and Legislative Affairs: Bena Chang serves as the Director of Government and Legislative Affairs, where she focuses on legislative initiatives and coalition building. Prior to her role at SVCE, Bena held the position of Intergovernmental Relations Director for the City of San Jose, one of the largest cities in the United States, where she advocated for a wide range of municipal policy issues at regional, state, and federal levels, Item 2
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encompassing topics such as homelessness, pandemic response, and clean energy. Additionally, Bena was the Senior Vice President of Transportation, Housing, and Health at the Silicon Valley Leadership Group, where she played a pivotal role in various projects and programs, including a successful 2008 Measure B campaign to secure operational funding for BART in Silicon Valley.

Bena holds a degree in English with a minor in Astronomy from Wellesley College.

Gia Ilole, Director of Human Resources: As Director of Human Resources, Gia leads all the people and culture strategies and functions to recruit, retain, engage, and develop the best workforce to support SVCE’s programs and operations. Gia has a breadth and depth of experience in HR across public and private agencies, including leading HR, Labor, Procurement and Administration at BART, developing diversity pipeline and workforce development programs at PG&E, as well as heading up HR for the County of Ventura’s District Attorney and a Bay Area start-up. Gia is certified as a Senior Professional in Human Resources as well as a Strategic HR Business Partner. Gia attended UC Santa Barbara on an academic scholarship and graduated with Highest Honors in three years with a Bachelor of Arts in Linguistics, minoring in French.

Customers
General. SVCE provides energy to more than 280,000 residential, commercial, and industrial accounts, serving approximately 700,000 residents and businesses in its service area.

The current mix of SVCE’s customer base is approximately 34% residential and 66% commercial/industrial by the percentage of load served and 35% residential and 65% commercial/industrial by the percentage of revenue. SVCE’s 10 largest customers represent 23% of SVCE’s overall load, and none of them individually represent more than 7% of the overall load.

Customer Energy Choices. SVCE offers two different energy service choices, called GreenStart and GreenPrime. In 2024, customers receiving GreenStart service were provided with a minimum of 43% renewable energy, sourced from a mix of wind, geothermal, solar, small hydro, and biomass/biowaste, with 36% coming from large hydroelectric facilities. Customers electing to receive GreenPrime service are provided with 100% renewable energy from solar/wind sources.

Customers on the GreenPrime Direct service receive a custom mix of supply sources.

Customer Enrollment. All customers are automatically enrolled in GreenStart and may change their product after enrollment. Approximately 98.93% of SVCE customers receive GreenStart service, with the remaining approximately 1.07% receiving GreenPrime service. Due to commercial enrollments, GreenPrime customers represent a slightly higher percentage in terms of load (4.81%).

New Customers. SVCE has fully subscribed the cities and unincorporated portions of Santa Clara County, with the exceptions of the cities of Santa Clara, San Jose, and Palo Alto, which are served by separate public power providers.

Customer Election to Opt-out of SVCE Service. Customers can opt-out of SVCE service and return to service from their traditional electric service provider, PG&E, either initially upon the transition to SVCE or at any time after SVCE becomes the energy provider. For customers enrolled in the SVCE GreenStart program, there is no fee to opt out before their SVCE service Item 2
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starts or within 60 days after your SVCE service starts. After that time, there is a one-time administrative fee ($5 residential and $25 commercial). Customers that opt out and return to PG&E, will not have the option to return to SVCE for a full year and will be subject to PG&E’s terms and conditions of service. SVCE has not experienced a single customer opt-out that had a significant financial impact on SVCE’s revenues.

Cumulative Opt-Out Rate and Customer Retention. Overall, opt-out rates have remained stable throughout the course of SVCE’s service history. Opt-outs were at their lowest point in August of 2022 (3.55%). Currently, SVCE opt-outs account for 3.85% of the eligible customer base. On an ongoing basis, most opt-outs occur during the 120-day transition period to SVCE service.

Service Rates
General. Rates for SVCE energy service are determined by its Board of Directors and are not regulated by the CPUC. In addition to SVCE’s charges for energy, customers’ rates include amounts for transmission and distribution of electricity established by PG&E, as well as a “power charge indifference adjustment” (“PCIA”) and other non-by-passable load charges imposed by the CPUC in order to compensate investor-owned utilities for investments in power generation and long-term power purchase contracts associated with the loss of customers to CCAs, which in each case are passed through on a customer’s bill in the amounts established or imposed.

Determination of Rates for Energy. The rates SVCE charges for GreenStart and GreenPrime services are based on the current generation rate charged by PG&E and the current PCIA fee. All value propositions are priced inclusive of the PCIA. GreenStart service is priced at 4% below the cost of PG&E, and GreenPrime is $.017 per kilowatt-hour in addition to the GreenStart rate.

Current and Historical Rate Information. An SVCE customer’s total cost of electric service is determined by SVCE’s charges for energy and includes PG&E charges for transmission, distribution, and other non-by-passable charges. Additionally, SVCE’s customers pay a PCIA which can vary annually based on several market factors including benchmarks for regional energy costs, resource adequacy, the year in which their community joined SVCE, and other considerations.

SVCE has priced its generation rate, inclusive of PCIA, below PG&E’s comparable generation rate since the organization’s initial enrollments. The primary alternative to SVCE service is to opt-out of SVCE service and return to PG&E service where the customer would pay a generation rate, inclusive of the PCIA, higher than SVCE’s rate. SVCE strives to maintain this value as a customer retention tool. Given the nature of an opt-out energy program, there are no assurances that customers will continue service should SVCE’s bundled costs become higher than PG&E’s or that SVCE customers will not opt-out for reasons unrelated to the cost of service.

California Renewable Portfolio Standards and Other Regulations Item 2
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General. Community choice aggregators such as SVCE are “load-serving entities” (“LSEs”) and as such are required to comply with California’s Renewable Portfolio Standard, Resource Adequacy requirements and Power Source Disclosure requirements described below.

Renewable Portfolio Standard. California’s Renewable Portfolio Standard (“RPS”) requires LSEs to supply their retail sales with minimum quantities of eligible renewable energy.

Senate Bill 100 directs all LSEs to procure 60% of their portfolios from RPS-eligible resources by 2030 and 100% of their retail sales from zero-carbon resources (or eligible renewable resources) by 2045. SVCE’s current policy is to procure 100% of retail sales from zero-carbon resources comprised of RPS-eligible resources, such as solar, wind, geothermal and biomass, and zero-carbon non-RPS resources such as large hydroelectricity. SVCE’s RPS directive is to exceed California’s mandated RPS. SVCE’s 2023 retail sales contained 36.7% RPS PCC1 eligible resources for GreenStart service 100% RPS for GreenPrime, and 62.2% for GreenPrime Direct.

To date SVCE has executed 19 RPS contracts of ten years or more in duration and has met its RPS requirements for long-term procurement. SVCE intends to solicit additional long-term renewable resources to meet Board-directed goals and as ordered by the CPUC under the Mid-term Reliability Procurement decision (D.21-06-035) and the Supplemental Mid-Term Reliability Procurement Order (D-23-02-040). SVCE has already made significant progress towards procuring its share of the decision’s mandated procurement.

Resource Adequacy. Resource Adequacy (“RA”), a California program jointly administered by the CPUC, the California Energy Commission (“CEC”) and the California Independent System Operator (“CAISO”), directs LSEs to secure forward capacity and offer it into the CAISO’s Day-Ahead and Real-Time markets to ensure that there will be enough supply in the right locations and with sufficient ramping capability to meet load. The RA program is comprised of three products: System RA; Local RA; and Flexible RA, although rules and categories are subject to modification by state agencies. Local RA obligations have been assigned to a Central Procurement Entity as of 2023. SVCE has a strong track record of meeting its RA obligations and expects to meet its future RA obligations in compliance with its Energy Risk Management Policy.

Integrated Resource Planning. Integrated Resource Planning (“IRP”) requires LSEs to forecast their customer load and develop a plan to serve such load in alignment with their own vision and values and in accordance with regulatory requirements. In October 2015, California codified this LSE responsibility with the passage of SB 350, which requires the CPUC to establish and oversee an IRP process to assist with meeting the state’s aggressive GHG targets (40% below 1990 levels by 2030). The IRP process, which is used in many states across the US, generally produces 10- to 20-year plans that map out both the supply-side and demand-side resources required for meeting customer load. Given the complexity of the grid and the time required to plan and build generating facilities, IRPs are critical for ensuring safe, reliable and clean power in a cost-effective manner. In addition to addressing the long-term planning horizon typical of an IRP process, the IRP process has been used in recent years to direct procurement of new capacity to meet near- and mid-term reliability and clean energy needs per CPUC Decision (“D.”) 19-11-016, D. 21-06-035 and D. 23-02-040. Pursuant to the procurement orders in these CPUC Decisions, LSEs are required to procure “Incremental System Capacity,” which is RA capacity from non-Item 2 Attachment 11
A-8
emitting, storage, and/or renewable resources that are in addition to the resources identified on a baseline list of existing, on-line and operating resources.

Power Source Disclosure. California law requires LSEs to disclose the types of power resources used to supply retail sales. This mandate, known as the Power Source Disclosure Program (“PSDP”), is a consumer information program managed by the CEC on an annual basis.

A key output of the PSDP is the Power Content Label (“PCL”). The PCL is an LSE-specific document that shows the breakdown of power resource types for each of the LSE’s energy products used to serve retail load, as well as a breakdown of resource types for the overall California grid.

The PCL is distributed to customers each year.

Energy Demand
Long-term Load Forecast. SVCE’s long-term load forecast is a 10-year projection of the energy (reflected in MWh) that its customers will annually consume. SVCE’s long-term load forecast is driven primarily by the number and types of customers that SVCE expects to serve, in conjunction with weather projections. SVCE’s long-term load forecast also incorporates the load-modifying effects of increasing electric vehicle adoption and charging, behind-the-meter solar and/or storage (via net energy metering), and energy efficiency. *Source IEPR Adopted Numbers 2024
Sources of Energy
General. SVCE uses a portfolio risk-management approach in its power purchasing program, seeking low-cost supply and diversity among technologies, production profiles, project sizes and locations, counterparties, length of contract, and timing of market purchases. SVCE currently has 86 renewable, hydro, system energy, hedge, and Resource Adequacy contracts from diversified sources and counterparties, totaling over $3.9 billion in notional energy contracts to provide energy to its customers over the next 20-25 years. 0 1,000
2,000
3,000
4,000
5,000
6,000
7,000
2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035
GWh
SVCE Load Forecast IEPR 2024
Item 2
Attachment 11
A-9
Energy Purchases. In 2024, SVCE procured approximately 3.98 million MWh of electricity for its customers. SVCE anticipates that roughly 100% of its total 2025 retail sales will be sourced from carbon-free resources including renewables, large hydroelectric, and nuclear energy (primarily large hydroelectric energy from the Pacific Northwest, but also relatively small amounts of nuclear energy). SVCE’s procurement strategy through 2030 includes regularly procuring new and existing California renewables by 2030 via both short- and long-term contracts.

These renewables contracts will be in addition to the 3.066 million MWh of annual generation from 972 MW, or roughly 62.3% of its retail sales in 2030, of new and existing California and neighboring states renewables that SVCE has already procured. The strategy also includes investing in additional storage paired with solar, stand-alone storage, long-duration storage, and large hydroelectric resources.

Energy Load and Supply Risk Management. SVCE continually manages its forward load obligations and supply commitments to balance cost stability and cost minimization while leaving some flexibility to take advantage of market opportunities or technological improvements that may arise. SVCE closely monitors its open positions for Portfolio Content Category 1 (“PCC 1”) renewable energy and carbon-free, non-RPS eligible, based on calendar-year targets. SVCE maintains its clean portfolio coverage targets of up to 100% in the near term and leaves a greater portion open in the medium- to long-term, consistent with generally accepted industry practice.

SVCE monitors its positions on a regular basis with its Scheduling Coordinator, who produces a daily and weekly report of positions and pricing along with using sophisticated models to simulate hundreds of market conditions to assess optimal hedge levels and net revenue at risk.

SVCE uses fixed-price energy contracts to hedge CAISO day-ahead market price exposure associated with its portfolio. More specifically, for the volumes and hours where SVCE does not have supply contracts that yield CAISO day-ahead revenue, SVCE uses fixed-price energy contracts where SVCE pays a fixed price per MWh in order to receive a floating price that clears for each hour. This helps hedge SVCE’s CAISO day-ahead market price exposure. SVCE employs a laddering hedge strategy for up to five years out, requiring minimum and maximum tolerance bands of percent of load covered with fixed-price and firm volumes of resources. As SVCE procures increasing portions of fixed-price renewables with storage and fixed-price large hydroelectric and ACS energy, SVCE expects to reduce its use of fixed-price energy contracts.

Procurement. SVCE procures energy and Resource Adequacy consistent with its Board-approved Energy Risk Management Policy. To effectively plan and manage its portfolio, SVCE differentiates contracts by their term length: short-term and long-term (longer than ten years).

Based upon the expected contract tenor, SVCE may use various methods, including competitive solicitations, standard contract offerings, and bilaterally negotiated agreements. With regard to short-term power purchases, SVCE may negotiate bilateral agreements directly, especially for unique or time-sensitive transactions that do not lend themselves to inclusion in a competitive solicitation. Alternatively, particularly in markets with sufficient transparency to ensure competitive outcomes, SVCE may negotiate short-term transactions via its scheduling coordinator or independent energy brokers or marketers.

Item 2
Attachment 11
A-10
GreenStart Procurement Targets. Reducing GHG emissions is at the heart of SVCE’s mission. SVCE’s GreenStart and GreenPrime products provide a source of 100% clean, carbon-free energy. GreenStart is offered at 50% RPS-eligible resources and 50% carbon-free, non-RPS-eligible resources, while GreenPrime is comprised of 100% RPS-eligible resources. Both products deliver a higher renewable content and a competitive cost compared to PG&E.

SVCE 2023 GreenStart Resource Mix*
SVCE 2023 GreenPrime Resource Mix*
*The charts above are the energy supply that SVCE used to serve its 2023 retail sales for the GreenStart and GreenPrime product offerings
Nuclear
25%
Biomass &
Biowaste
3%
Geothermal
14%
Solar
12%
Wind
8%
Large
Hydroelectric
38%
SVCE 2023 GreenStart Resource Mix
Solar
50%
Wind
50%
SVCE 2023 GreenPrime Resource Mix
Item 2
Attachment 11
A-11
SVCE 2025 Estimated GreenStart Resource Mix*
SVCE 2025 Estimated GreenPrime Resource Mix*
*The charts directly above are estimates of the energy supply that SVCE was expected to use to serve its 2025 retail sales for the GreenStart and GreenPrime product offerings.

Nuclear
31%
Biomass & Biowaste
4%
Geothermal
13%
Solar
27%
Wind
10%
Large
Hydroelectric
15%
2025 GreenStart Resource Mix
Solar
50%
Wind
50%
2025 GreenPrime Resource Mix
Item 2
Attachment 11
A-12
Further descriptions of SVCE’s policies and procedures addressing energy procurement and risk management can be found on the SVCE website at www.svcleanenergy.org. The reference to this website address is presented herein for informational purposes only, and information on such website is not incorporated by reference to this Official Statement.

SVCE Technology and Analytics
SVCE’s analytics and data management are handled by teams across the organization, consisting of IT personnel, data analysts, and power analysts. SVCE employs a cloud-first data strategy, where all mission-critical data is stored on cloud services, including Box for cloud file storage, Microsoft Office365 for collaboration, and the Google Cloud Platform (GCP) for data warehousing. GCP offers a modern infrastructure for storing, processing, and analyzing sensitive data in the cloud, with encryption by default of data at-rest and in-transit, as well as fine-grained access control to sensitive resources.

In addition to the security infrastructure embedded in GCP, SVCE IT staff also oversee general compliance with rules and regulations established by the California Public Utilities Commission (CPUC) related to data privacy and security. SVCE conducts independent tri-annual audits of its security and data privacy practices – which are submitted to the CPUC – and produces additional data privacy reports for the CPUC annually, in compliance with CPUC regulations.

SVCE customer data has not been the subject of any breaches or data security incidents.

Through the guidance from the VCISO, SVCE continually increases its Cyber Security Posture. SVCE analyzes cyber risks identified through audits and security assessments and uses VCISO’s guidance to prioritize and roadmap remediations and implementations.

Finally, the IT staff oversees device and application security and related policies. In addition to standard threat mitigation and security measures (such as password policies and antivirus software), SVCE enforces multi-factor authentication (MFA) on all mission-critical applications and employs email screening tools and endpoint security systems.

Ultimately, by using a centralized cloud-first policy for critical resources and attendant applications, enforcing modern security practices such as MFA, and limiting the use of distributed storage devices, SVCE can minimize its exposure to security incidents.

Energy Storage
SVCE currently has over 486 MW of 4-hour or longer equivalent wholesale (i.e., in front of the meter) storage capacity contracted over the next twenty years. Of the 486 MW of already contracted storage capacity, 231 MW is paired with solar, 25 MW is 8-hour standalone, 24 MW is 4-hour standalone, 131 MW is paired with a thermal resource, and 75 MW is RA-only. SVCE plans to procure additional solar with storage and standalone storage to meet new procurement mandates.

In 2020, SVCE launched its Lights on Silicon Valley program to deploy customer-sited solar and battery storage systems capable of providing backup power and behind-the-meter Item 2
Attachment 11
A-13
dispatch, driving decarbonization, lowering utility costs for program participants, and enabling local grid management through load shaping. This program prioritizes vulnerable customers and populations disproportionately affected by grid outages.

Financial Information
Revenues from Energy Sales and Operating Expenses. SVCE derives its operating revenues primarily from energy sales to its customers.

Other Sources of Revenue. SVCE also receives revenues from sources other than retail customer sales. These sources include wholesale energy sales to other suppliers and grant income used to assist with various customer programs.

Results of Operations. The following is a summary of SVCE’s results of operations for fiscal years ending September 30:
2024 2023 2022 2021 2020
Operating revenues 534,489,788 503,675,151 363,521,534 242,600,167 297,043,720 Nonoperating revenues 23,348,067 9,262,831 1,870,954 273,985 1,729,841 Total revenues 557,837,855 512,937,982 365,392,488 242,874,152 298,773,561 Operating expenses 397,162,572 401,057,113 318,708,488 257,751,261 260,274,619 Nonoperating expenses 14,224 28,576 36,126 230,632 350,511 Total expenses 397,176,796 401,085,689 318,744,614 257,981,893 260,625,130 Change in net position 160,661,059 111,852,293 46,647,874 (15,107,741) 38,148,431 Item 2
Attachment 11
A-14
Assets, Liabilities, Deferred Inflows or Resources and Net Position. The following table is a summary of SVCE’s assets, liabilities, deferred inflows, and net position for the fiscal years ending September 30:
2024 2023 2022 2021 2020
Current assets
Noncurrent
assets
Capitaland lease assets, net
420,352,985
761,171
376,699,458
1,259,365
270,632,455
1,681,871
206,813,185
2,122,391
220,538,554
1,403,175
Other noncurrent assets 150,052,998 56,864,643 45,330 45,330 145,130 Totalnoncurrent assets 150,814,169 58,124,008 1,727,201 2,167,721 1,548,305 Total assets 571,167,154 434,823,466 272,359,656 208,980,906 222,086,859 Current liabilities
70,667,155 86,003,663 51,733,663 34,519,867 40,094,131
Noncurrent liabilities 15,303,125 24,283,988 7,942,472 8,425,392 1,141,410 Totalliabilities 85,970,280 110,287,651 59,676,135 42,945,259 41,235,541 Net position
Net investment (deficit) in capitalassets
358,431 348,144 287,728 269,927 (172,895)
Restricted forsecuritycollateral
- - - 4,000,216 4,500,000
Unrestricted 484,838,443 324,187,671 212,395,793 161,765,504 176,232,143 Total Net Position 485,196,874 324,535,815 212,683,521 166,035,647 180,559,248 Deposit Accounts. SVCE maintains its cash in both interest-bearing and non-interest-bearing demand and term deposit accounts at River City Bank of Sacramento, California, and through the California Asset Management Program (“CAMP”) at US Bank of St. Paul, Minnesota.

SVCE’s deposits with River City Bank are subject to California Government Code Section 16521, which requires that River City Bank collateralize public funds in excess of the Federal Deposit Insurance Corporation limit of $250,000 by 110%. CAMP is a California Joint Powers Authority (JPA) offering professional investment services to public agencies across California, including the use of the Cash Reserve Portfolio (CAMP Pool) and CAMP Term investments, which are accessible to all local agencies in accordance with California Government Code Section 53601(p).

As of 2023, SVCE has appointed PFMAM (PFM Asset Management, LLC) as an investment advisor to manage the funds in CAMP accounts in accordance with our current investment policy Section 5. SVCE monitors its risk exposure to both River City Bank and CAMP on an ongoing basis. SVCE’s Investment Policy permits the investment of funds in depository accounts, certificates of deposit, and the Local Agency Investment Fund program operated by the California State Treasury, United States Treasury obligations, Federal Agency Securities, California municipal obligations, commercial paper, money market funds, mortgage pass-through and asset-backed securities, supranational obligations, joint power authority pool, and FDIC insured placement service deposits.

Liquidity. In September 2024, the SVCE Board of Directors approved increasing the target financial reserve levels to 350 days of cash on hand. SVCE currently provides cash collateral for only one outstanding letter of credit, totaling $147,000.

Credit Rating. SVCE has an ‘A’ issuer credit rating from S&P Global with a stable outlook and has been upgraded to A3 with a stable outlook stable rating from Moody’s in 2025.

Item 2
Attachment 11
Attachment 12.

First Prepay Timeline
June-2019 SVCE presents Prepay Structure Overview Presentation (developed by Goldman Sachs) to Finance and Administration Committee
Aug-2019 SVCE presents a brief verbal update on prepay process to Finance and Administration Committee
Sept-2019 SVCE and PFM Financial Advisors provide an update on the upcoming RFP process to Finance and Administration Committee
Nov-2019 SVCE provides Prepay RFP Overview to Executive Committee - PFM issues RFP to select Prepay Bank Supplier on behalf of EBCE and SVCE on Nov 12th
- RFP Proposals were due December 5th
Jan-2020 SVCE presents Prepay Structure Overview to Finance and Administration Committee Spring-2020SVCE and EBCE conduct RFP evaluations to select Prepay Bank Supplier July-2020 SVCE and EBCE select Morgan Stanley as Prepay Bank Supplier Aug-2020 SVCE provides Prepay Status Report to Finance and Administration Committee Sept-2020 SVCE provides Board with Prepay Overview on preparing for a Prepay Transaction SVCE provides Prepay Status Report to Finance and Administration Committee Oct-2020 SVCE Board Authorizes CEO to enter legal service agreements to finalize Prepayment Transaction (Orrick, Herrington & Sutcliffe and Chapman & Cutler LLP) Nov-2020 SVCE provides Prepay Status Report to Finance and Administration Committee Mar-2021 SVCE provides Prepay Status Report to Finance and Administration Committee SVCE provides Prepay Status Report to Executive Committee April-2021 SVCE Board Approves Participation in the California Community Choice Financing Authority Joint Powers Authority
Aug-2021 The Finance and Administration Committee reviews the Prepay Transaction and votes to recommend Board approval. Board authorizes execution of the first Prepay Transaction subject to parameters including that bonds are not obligations of SVCE, size of the bonds, and minimum savings target.

Sept-2021 Sept 9, 2021 bonds priced
Jan-2022 Power delivery under Prepay begins
Item 2
Attachment 14
Attachment 13.

Summary of the Details of the First Prepay Transaction
Aggregate Principal Bond Amount $1,234,720,000 (SVCE and EBCE combined) Total Bond Proceeds $1,475,895,642.5 (SVCE and EBCE combined) Municipal Bond Rating A1
Green Certification Designated Green Bonds by Kestrel Verifiers Initial Bond Pricing Period • 10 years.
• After the initial period, bonds will be repriced per
the negotiated repricing agreement, and a new
discount will be established based on the then
prevailing market conditions.1
Final Bond Maturity Date • February 1, 2052.

Discount Achieved • $4.38 per MWh, about 10% of the energy cost of SVCE’s 3-year transaction initially assigned into the
Prepay.
• ~$1.9 million per year for SVCE during the initial
bond pricing period of ten years.

Energy Volume Supported by Bond
Proceeds
109 MW, of which SVCE’s share is 50 MW (about 11%
of load) and EBCE’s share is 59 MW for approximately
the first ten years of the transaction; after that, the same proportional volume split will be maintained
between SVCE and EBCE.

Summary of the Transaction Cost Breakdown ($000)
Bond and Tax Counsel: Orrick, Herrington & Sutcliffe 425 Credit Rating: Moody’s 315
Issuer’s Counsel and Disclosure Counsel: Chapman & Cutler LLP 310 Municipal Advisor: Public Financial Management 250
Investment Advisor: Public Financial Management Asset Mgmt 42 Trustee: Bank of New York (BNY) 32
Trustee Counsel: BNY Counsel 35
Printing Cost 3
Contingency/Other 10
Total COI 1,422
Morgan Stanley Underwriting 6,341
Total 7,763
1 The repricing agreement has a minimum savings requirement of $2 per MWh.

Item 2
Attachment 14
Summary of the Details of the Second Prepay Transaction Aggregate Principal Bond Amount $841,550,000
Total Bond Proceeds $891,418,648.10
Municipal Bond Rating A1
Green Certification Designated Green Bonds by Kestrel Verifiers Initial Bond Pricing Period • 6.5 years.
• After the initial period, bonds will be repriced per
the negotiated repricing agreement, and a new
discount will be established based on the then
prevailing market conditions.2
Final Bond Maturity Date • July 1, 2053.

Discount Achieved • $9.77 per MWh, about 10% of the price established for energy deliveries under the power
supply contract.
• ~$4.7 million per year during the initial bond
pricing period of 6.5 years.

Energy Volume Supported by Bond
Proceeds
~55 MW (about 12% of load; a slight escalation in the
latter half of the transaction)
Power Delivery Start Date June 1, 2023
Summary of the Transaction Cost Breakdown ($000)
Bond and Tax Counsel: Ballard Spahr 300
Credit Rating: Moody’s 232.5
Issuer’s Counsel and Disclosure Counsel: Chapman & Cutler LLP 200 Municipal Advisor: Public Financial Management 175
Investment Advisor: Public Financial Management Asset Mgmt 35 Trustee: Bank of New York (BNY) 30.9
Trustee Counsel: Ballard Spahr 30
Printing Cost 3.3
Contingency/Other 22
Total COI 1,045.5
Morgan Stanley Underwriting 4,359.2
Total 5,404.7
2 The repricing agreement has a minimum savings requirement of $2 per MWh.

Item 2
Attachment 14
Summary of the Details of the Third Prepay Transaction
Aggregate Principal Bond Amount $1,101,625,000
Total Bond Proceeds $1,165,919,381.75
Municipal Bond Rating A1
Green Certification Designated Green Bonds by Kestrel Verifiers Initial Bond Pricing Period • ~8 years.
• After the initial period, bonds will be repriced per
the negotiated repricing agreement, and a new
discount will be established based on the then
prevailing market conditions.3
Final Bond Maturity Date • May 1, 2054
Discount Achieved • $11.32 per MWh, about 13.1% of the price established for energy deliveries under the power
supply contract.
• ~$7.7 million per year during the initial bond
pricing period of 8 years.

Energy Volume Supported by Bond
Proceeds
~77 MW (about 17% of load; a slight escalation in the
latter half of the transaction)
Power Delivery Start Date April 1, 2024
Summary of the Transaction Cost Breakdown ($000)
Bond and Tax Counsel: Ballard Spahr 250
Credit Rating: Moody’s 273
Issuer’s Counsel and Disclosure Counsel: Chapman & Cutler LLP 175 Municipal Advisor: Public Financial Management 155
Investment Advisor: Public Financial Management Asset Mgmt 30 Trustee: Bank of New York (BNY) 41.4
Trustee Counsel: Ballard Spahr 30
Printing Cost 4
Contingency/Other 66
Total COI $1,041.3
Morgan Stanley Underwriting $5,712.1
Total $6,753.4
3 The repricing agreement has a minimum savings requirement of $5.50 per MWh.

Item 2
Attachment 14
Attachment 14.

Overview of the Prepay structure
Structural Overview of Power Prepay

1. Under the existing, non-Prepay structure, SVCE has Power Purchase Agreements (PPA) and other carbon-free energy transactions with a counterparty (Energy Supplier). The Energy Supplier provides energy and any associated renewable/carbon-free credits (environmental credits) to SVCE, and SVCE pays the Energy Supplier the contract price. Under the prepayment structure:VCE partially assigns its rights to energy under the energy contract equivalent to the prepaid quantity to the Energy Supplier (Morgan Stanley) at the contract price. Now, the PPA Counterparty will provide Morgan Stanley with the assigned quantity of energy with any associated environmental credits. The Energy Supplier, will pay the contract price to the PPA Counterparty.

2. SVCE, along with the other initial founding member CCAs4, created the California Community Choice Financing Authority (CCCFA), a separate legal entity that can issue tax-exempt municipal bonds.

3. CCCFA issues non-recourse tax-exempt bonds secured by the contractual rights and transaction cashflows under a trust indenture. The bonds are not secured or guaranteed by SVCE or CCCFA. Based on the contractual agreements securing the bonds, the bonds will carry the credit ratings of the Funding Recipient.

4. CCCFA uses the proceeds from the bonds, net of all prepay transaction fees, and pays Energy Supplier the present value of energy cost and any environmental credits that the Energy 4SVCE along with Central Coast Community Energy (3CE), East Bay Community Energy (now Ava), and Marin Clean Energy (MCE), as the first set of founding members, established CCCFA.

Item 2
Attachment 14
Upfront Funds
Prepayment $$$
MWhs + RECs
MWhs+ RECs
MWhs+ RECs

SVCE CCCFA
Existing PPA
Counterparty
Monthly
Payments Contract Price
Less Discount
Energy Supplier
(ES, Morgan
Stanley)
Non-Recourse
Tax-Exempt Bonds
Bond
Proceeds
Existing
PPA - Partially
Assigned
Contract
Price
Debt
Service
Funding
Recipient (FR)
Supplier will deliver to CCCFA over the 30-year term of the transaction under a prepaid power agreement.

5. SVCE and CCCFA execute a power supply agreement. Under this agreement, SVCE pays CCCFA the initial contract price less a discount as CCCFA delivers to SVCE the energy and environmental credits it receives from the Energy Supplier.

6. CCCFA uses payments received from SVCE to pay interest and principal payments to the Bondholders.

7. The Energy Supplier and the funding recipient execute a funding agreement where the Funding Recipient receives upfront funds and makes monthly payments to the Energy Supplier, which they use to pay the PPA Counterparty.

Under the prepayment structure, SVCE receives the same energy and environmental credits from the PPA Counterparty (indirectly via Energy Supplier, Morgan Stanley, and then CCCFA) but for a lower price. The savings or lower price source is primarily the difference between taxable and tax-exempt debt interest rates. The Funding Recipient's capital needs are funded by a variety of means in taxable corporate markets, which have higher interest rates than tax-exempt debt. As a public agency, CCCFA can issue tax-exempt debt. When CCCFA provides the prepayment to Morgan Stanley for energy that Morgan Stanley will deliver over the term of the transaction, Morgan Stanley is effectively raising capital at a lower cost for the Funding Recipient. Based on the funding agreement with the Funding Recipient, Morgan Stanley flows the savings to SVCE by lowering the price SVCE pays for the energy and any environmental credits. By using this prepayment structure, SVCE can reduce the cost of energy purchases.

The bonds can have an initial term of about 5-10 years, and SVCE will not execute the transactions unless the Board-authorized savings can be realized. At the end of the initial term, the bonds will be refinanced, and the terms of the discount will be set per a Repricing Agreement, which will also specify a minimum discount threshold.

The risks to SVCE are minimal as the debt will not be recourse to SVCE. If, for any reason, the structure falls apart, the original energy contract will revert to SVCE, and the loss to SVCE will be the staff time invested in the project and the future savings expected to be generated by the prepayment transaction. The initial consultant and attorney fees are all contingent upon the execution of the transaction and will be financed from the bond proceeds.

Item 2
Attachment 14
Attachment 15.

Estimated Cost Breakdown
Firm Expected Cost ($000)
Bond and Tax Counsel: Ballard Spahr $250
Credit Rating: [Moody’s Investors Service/S&P Global Ratings] 321.5 Issuer’s Counsel and Disclosure Counsel: Chapman & Cutler LLP
175
Municipal Advisor: PFM Financial Advisors LLC 230
Swap Advisor: PFM Swap Advisors LLC 25
Investment Advisor 50
Trustee: Bank of New York (BNY) 20.2
Trustee Counsel: BNY Counsel 35
CCCFA JPA Administrative Fee 20
Green Bond Second Party Opinion (Kestrel Verifiers) 22.6 Printing Cost 4
Contingency/Other 10
Total COI 1,163
Morgan Stanley Underwriting 4700
Underwriters Counsel 115
Miscellaneous 85
Total 6,063
Item 2
Attachment 14

Staff Report – Item 3
Item 3: 2025 Customer Bill Credit Status Update
From: Monica Padilla, CEO
Prepared by: Andrea Pizano, Sr. Executive Assistant/Board Clerk Date: 8/4/2025
This item will be addressed in the form of a presentation to the Finance and Administration Committee regarding the one-time bill credit approved by the SVCE Board of Directors as part of the Mid-year 2024-25 Adjusted Operating Budget in March 2025.

ATTACHMENT
The presentation for this item is posted to SVCE’s website.

Item 3
SILICON VALLEY \3/ CLEAN ENERGY

Staff Report – Item 4
Item 4: Recommend the Silicon Valley Clean Energy Board of Directors Approve the Fiscal Year 2025-26 Proposed Operating Budget, and Maintain the Current Financial Reserves Targets and Policy
From: Monica Padilla, CEO
Prepared by: Amrit Singh, CFO and Director of Administrative Services Scott Wrigglesworth, Director of Risk and Analytics
Karen Chang, Manager of Finance
Date: 8/4/2025

RECOMMENDATION
Staff recommends that the Finance and Administration Committee recommend that the Board of Directors approve the fiscal year (FY 26) 2025-261 Proposed Operating Budget (“Proposed Budget”, Attachment 1), which includes, at a high level, the following:

1. Withdraws $40.1 million from the reserves

2. Maintains an average four percent (4%) customer discount to comparable PG&E rates through December 2025 and reduces it to one percent (1%) in January 2026

3. Continues to provide additional monthly dollar bill credit to California Alternate Rates for Energy2 (CARE) and Family Electric Rate Assistance (FERA)
3 customers, which in the aggregate is equivalent to
a one percent (1%) discount for all customers

4. Proposes no changes to the current financial reserves targets and policy (Attachment 2)

BACKGROUND
At the June 2, 2025, Finance and Administration Committee (“Committee”) meeting, staff presented the methodology, framework, and key assumptions for developing the Proposed Budget. At the same Committee meeting and the Board of Directors' (“Board”) June 11, 2025 meeting, staff also provided and discussed the stress test analysis (materials can be found here: SVCE Board of Directors Meeting June 11, 2025 – Item 4) that provided an assessment of the agency’s risks, which staff uses in developing the budget, managing the reserve levels, and proposing any changes to the financial reserves targets and policy. 1 The fiscal year 2025-26 starts on October 1, 2025, and ends on September 30, 2026. 2 Eligible low-income customers who are enrolled in the CARE program receive a 30-35% discount (not including additional SVCE discount and bill credits) on their total electric bills and a 20% discount on their natural gas bills. Eligible customers are those whose total household income is at or below certain income limits that vary depending on household size. For example, the income limit for households of 4 is $64,300. 3 The FERA program offers an 18% discount (not including additional SVCE discount and bill credits) on customers' total electricity bills if the household income slightly exceeds the CARE allowances. For example, the income limit for households of 4 is $80,375.

Item 4
SILICON VALLEY \3/ CLEAN ENERGY
Agenda Item: 4 Agenda Date: 8/4/2025

Staff discussed the high volatility in the energy market prices, Resource Adequacy (RA) prices, and Renewable Portfolio Standard (RPS) prices, which added additional uncertainty to financial projections. Staff also discussed that the prices that the California Public Utilities Commission (CPUC) will set for Market Price Benchmarks (MPBs), issued in the fall, and used to set PCIA4 Rates will substantially impact the budget.

In addition to assessing SVCE’s financial performance if the extreme but plausible stress scenario occurs, staff also discussed and reviewed key financial risk factors and uncertainties that influence the financial projections, which are based on the best available data and information at the time the projections are made. These uncertainties and risks are included in this proposed budget and the 5-year financial outlook (Attachment 3).

As discussed with the Committee and the Board when staff presented the stress test analysis, at the time the financial projections are made, staff takes a ‘snapshot’ of market prices and other data, including the outcome of CPUC proceedings such as the pending PCIA Order Instituting Rulemaking (OIR), in preparing the financial analysis. This data and information, especially market prices, change daily or even more frequently. Since the June discussion of the two-track PCIA OIR, CPUC issued a track one decision, which staff, with the help of the NewGen Strategies consultants and model, have attempted to incorporate, including using the best available information to develop projections for the fall MPBs that the CPUC will establish.

Due to the daily movement of prices and changes to other information, the financial projections in this report are not identical to those presented at the June meeting. However, from the perspective of managing SVCE’s financial projections over the 5-year period, the results are largely consistent with those presented at the June meeting. As a result, staff’s recommendations for managing SVCE’s reserves are consistent with those presented at the June Board meeting.

ANALYSIS & DISCUSSION
The FY 26 Proposed Operating Budget, shown in Attachment 1, is balanced and presents SVCE in a stable financial condition.

The projected withdrawal of $40.1 million from reserves represents a decrease of $138.1 million from the $98.1 million contribution to reserves shown in the March 2025 Midyear adjusted FY 24-25 Budget. The main reason for the negative reserve contribution is a significant drop of $165.1 million in projected revenues.

Lower revenues are due to an anticipated large increase in PCIA charges and reduced PG&E generation rates, which substantially reduce the margin or headroom for SVCE to keep customer rates competitively discounted to comparable PG&E rates. These projected increases in PCIA rates and lower PG&E generation rates are mainly caused by sharp declines in RA and RPS prices, as discussed at the June meeting. As shown in the table below, all other changes are relatively minor and include:

Description
Budget Variance MY FY 24-25 vs. Annual FY 25-26
Contribution to
Reserves
Reduction in
Reserves/Increase
in Cost
Changes to Reserve
Contribution
Revenues -$165.1M
Investment Income $1.7M
Total Revenues Variances -$163.5M
Power Supply Cost -$19.4M
Other Operating Expenses -$3.9M
Non-Operating Expenses $0.0M
Total Expense Variances -$23.3M
4 Public Utility Code Sections 366.1 and 366.2 require the CPUC to make sure that customers leaving PG&E do not burden remaining PG&E customers with costs that were incurred to serve them. To ensure customer indifference, CCAs and Direct Access or departing load customers are required to pay a power charge indifference adjustment (PCIA).

Item 4
Agenda Item: 4 Agenda Date: 8/4/2025

Capital Transfers -$0.5M
Program Fund $3.3M
Other Transfers $45.9M
Total Transfer Variances $48.7M
Changes to Reserve Balance -$138.1M
• Investment income is expected to be higher by about $1.7 million, primarily due to a larger starting reserve balance.
• Power supply cost increase of $19.4 million, mainly resulting from portfolio position changes, cost increases in meeting regulatory requirements, and increases in energy costs relative to the last fiscal year.
• Other operating expenses increase by $3.9 million from updated vendor fees, anticipated legal expenses, and other minor changes in marketing and general administrative expenses. • The capital transfer cost increase of $0.5 million is from the anticipated purchase of additional furniture from the move to the new SVCE office
• The program fund transfer decrease of $3.3 million is a result of lower revenues. Program fund transfers are made per the Board-approved direction of transferring 2% of the revenues. • The reduction in other transfers of $45.9 million results from the following:
o Expiration of savings resulting from accepting SVCE’s share of nuclear allocations from PG&E, which were transferred to customer programs, as approved by the BOD in Nov 2021 ($3.7 million in FY24-25)
o The monthly bill credits provided to CARE and FERA customers are now modeled as a reduction in revenues to align with how these funds are accounted for in our financial statements5 ($5.4 million for FY 2026)
o For Fiscal Year 2024-2025, the Board, in adopting the mid-year adjusted budget, provided a one-time customer bill credit ($35 million).
o Fiscal Year 2024-2025 budget includes a one-time transfer of $1.8 million to the Hanford Emissions Mitigation Fund
Energy Revenues
The Proposed budget shows a decrease in revenues of $165.1 million compared to the FY 2024-25 adjusted mid-year budget. The decline is mainly caused by a forecasted average increase in 2026 PCIA of about 106 percent (from 1.02
6 cents/kWh to 2.11 cents/kWh) and a drop in the 2025 PG&E generation rate of about 31 percent on average (from 15.17 cents/kWh average 2025 rate to 10.50 cents/kWh). These rate changes are forecasted mainly because of large declines in RA and RPS prices for 2025 and 2026, as well as expected final 2025 energy prices averaging below last year’s CPUC forecast used to set 2025 rates. The final 2025 RA MPB and the forecast 2026 RA MPB used to compute 2026 rates are down 65% and 64%, respectively, compared to the 2025 forecast RA MPB used to set 2025 rates. Similarly, the final 2025 RPS MPB and the forecast 2026 RPS MPB used to compute 2026 rates are down 10% and 38%, respectively, compared to the 2025 forecast RA MPB used to set 2025 rates. The significant increase in PCIA, combined with a drop in PG&E generation rates, reduces SVCE margins by 40 percent on average for 2026.

Staff used CalCCA’s NewGen Strategies & Solutions Model to forecast PCIA and PG&E generation rates with updated market prices and estimations of CPUC’s MPBs, including the PCIA OIR track one decision issued on June 26, 2025, that revised the methodology for computing RA MPB, extending the RA MPB transactional survey time frame to 3 and 4 years from 12 and 21 months for forecast and final RA MPBs, respectively. RPS 5 The $5.4 million amount is included in this comparison to account for the total changes in this category compared to the last fiscal year’s budget. These bill credits for the FY 26 are $4.1 million, which is now included as reduction revenues.
6 The rates shown in this report are SVCE load-weighted average rates.

Item 4
Agenda Item: 4 Agenda Date: 8/4/2025

prices and RA costs are highly volatile compared to the past, creating an additional layer of uncertainty in forecasting PCIA and PG&E generation rates.

PG&E’s forecast of 2026 rates in the ERRA filing made in May 2025 shows a higher PG&E Generation Rate of ~12.79 cents/kWh and a lower PCIA of 1.19 cents/kWh compared to the staff estimates used for forecasting revenues. PG&E’s filing, however, is based on results using market prices in late March 2025 and 2025 forecast RA and RPS MPBs set in November 2024. Forward market prices for RA and RPS have since decreased significantly. Based on the ERRA filing schedule, PG&E will update its rate forecast in early fall, and the CPUC is expected to approve new rates in late December.

Given the uncertainty on MPBs that CPUC will establish in the fall and PG&E’s update of its generation rates and PCIA using the MPBs, staff recommends that SVCE update the revenue projections in December 2025 when there’s more certainty on the 2026 PCIA and PG&E generation rates. Between now and when the rates are finalized, market prices will change, which can create less or more favorable results.

The Proposed Budget maintains the current 4 percent overall discount relative to comparable PG&E generation rates for all customers through the end of December 2025, or three months of the FY 26 (October 2025 to December 2025), and reduces it to one percent starting January 2026. It provides an additional monthly dollar bill credit to CARE and FERA customers (~26,000) that, in the aggregate, is equivalent to providing a 1 percent discount for all customers for calendar year 2026.

SVCE customer rate changes usually coincide with PG&E's generation rate changes. Usually, this happens in January, with some exceptions, such as in 2024, when PG&E also changed its generation rates in July. SVCE’s fiscal year includes three months of the current calendar year, from October 2025 to December 2025, and nine months of the next calendar year, from January 2026 to September 2026. As a result, the budget includes the delivery of the 2025 monthly bill credit of $17.50 for three months and the delivery of the 2026 monthly bill credit of ~$12.00 for nine months, which amounts to a total revenue reduction of ~$4.1 million.

Staff will update the 2026 monthly bill credit amount when seeking Board approval of 2026 rates at the December 2025 meeting, along with amending the budget for updates to the revenue and power supply cost projections. Because last fiscal year’s budget included a transfer of funds from the operating budget, any remaining funds for these bill credits will be transferred to the reserves at the beginning of FY 2026.

The GreenPrime rate, SVCE’s 100% renewable energy option, will reflect the default GreenStart rates plus the premium of $0.017 per kWh, as per the methodology adopted by the board at the November 2024 Board meeting. This rate will continue to apply to the three months of 2025, from October to December, of the new fiscal year. The GreenPrime premium for 2026 will be updated when the Board approves all rate updates for 2026, which is expected to occur at the December 2025 meeting. The GreenPrime premium revenue estimates included for FY 2026 are computed at the current GreenPrime premium of $0.017 per kWh.

The Proposed Budget continues to reduce revenues to account for potential write-offs from unpaid bills that may occur. SVCE’s estimated revenues include a 0.75% write-off rate, or about $2.7 million.

Power Supply Expenses
Relative to the Mid-Year Budget’s Fiscal Year 2025, Staff projects that Fiscal Year 2026’s new budget power supply expenses will increase by approximately $19.4 million. The year-over-year projected increase primarily results from 11% higher energy market prices, changes to portfolio position, and complying with CPUC’s Mid-Term Reliability requirements.

Reserves Target Levels and Policy Update
Per SVCE’s Board-approved reserves policy, the staff annually reviews the reserve target levels and the policy (Attachment 2) to ensure reserves are managed prudently relative to the risks the agency faces. As part of this process, staff presented the stress test analyses to the Board at the June 11, 2025, meeting. A big part of the staff’s assessment of reviewing the targets and the policy is to ensure that SVCE can manage risks Item 4
Agenda Item: 4 Agenda Date: 8/4/2025

modeled in the stress test analysis. In particular, the targets are reviewed to assess if the modeled stress scenario were to occur, the target reserves do not fall below 120 days of cash on hand (DCOH) for the next two fiscal years, and the maximum target (upper target) does not fall below 90 DCOH over the next five fiscal years.

Based on the stress test analysis, staff does not recommend any changes to the targets or the policy.

Changing the targets has no practical implication, given that the 5-year financial outlook (Attachment 3) does not support contributing to reserves. The current targets also support the recent guidance from the credit rating agencies.

The current Financial Reserves Policy, approved by the Board on September 11, 2024, targets:
(a) Minimum Operating Reserve (baseline) shall be the minimum maintained to cover 120 days of operations of the annual operating budget;
(b) An Operating Reserve goal of covering 350 days of operations of the annual operating budget; (c) Maximum Operating Reserve to cover 500 days of operations of the annual operating budget.

Operating Expenses
Operating expenses have increased by about $3.9 million from the March 2025 Board-approved Midyear FY 2024-2025 adjusted budget, including an overall 5 percent contingency, which amounts to about $2.1 million embedded in all operating expense category increases. The increase in projected operating expenses is mainly comprised of costs associated with legal and energy scheduling coordination expenses.

1. Data Management
The budget accounts for an annual calendar-year escalation percentage as indicated in the current vendor contract. The proposed budget accounts for the escalation for the nine months in 2026.

2. PG&E Fees
Staff is expecting a modest increase due to inflation starting in 2026. The proposed budget reflects the slight increase in monthly fees for the nine months in 2026.

3. Personnel Expenses
Personnel expenses are increasing slightly by $66 thousand. The proposed budget includes a 3.0% cost-of-living adjustment to salaries, based on the latest trailing six-month average for the Bay Area CPI, updated as of May 13, 2025, for data up to April 2025, which adds $564 thousand. There is also a re-categorization of consultant support, which results in a decrease of $400 thousand from Personnel expenses. This expense is reallocated to the Professional Expenses category. On staffing, the budget proposes no increase in headcount. The overall slight increase in personnel budget results from the net effect of the changes mentioned above, as well as some staff moving to positions at different pay levels, promotions, and vacancies. There are still vacant positions which SVCE continues to work to fill and anticipates full staffing by the end of the calendar year. The proposed budget continues to utilize a 5% long-term vacancy rate in the personnel budget. The current focus is to fill the remaining vacancies and comprehensively assess overall organizational staffing needs. This report includes the proposed salary table (Attachment 4) and the proposed organization charts (Attachment 5).

4. Professional Expenses
Overall, professional expenses are increasing by about $3.1 million. The main increase is due to anticipated increases in legal fees on contracting and negotiation support for SVCE’s growing power portfolio, roughly about $1.7 million. In addition, an increase of $875 thousand is due to the transition of scheduling coordinator functions to a new vendor, and incremental costs associated with new PPAs expected to come online in the next fiscal year. The costs here are consistent with the vendor agreements approved by SVCE’s Board of Directors. Further, as per the Board-approved investment manager agreement, there is a $120 thousand increase in investment manager service fees due to the higher reserves accumulated over the past few years. As mentioned in the personnel expenses Item 4
Agenda Item: 4 Agenda Date: 8/4/2025

section, $400 thousand of consultant fees are allocated from personnel expenses to professional expenses, to align with accounting categorization.

5. Marketing and General Administrative
Overall expenses are increasing by about $462 thousand. This increase of $250 thousand is to support increasing engagement with non-residential customers and plans to offer bespoke support to key accounts for which external vendor support will be required. An additional $212 thousand is included for new capacity being brought on to support increased projects and new initiatives. This includes the ongoing work to support the outreach and education for affordability and rates, with added communications tools such as animated videos and an online rate tool. Staff is also planning to bring on a communications and marketing consulting firm to support the breadth of programs and initiatives. These contracts are expected to be brought to the board for approval in September.

6. General & Administrative
Overall, there is a slight increase of roughly $9 thousand. Some decreases are due to subscription cancellation, existing software renewal with updated rates, and the current office rental expense decrease due to a shorter anticipated rental period. Increases are due to operating expenses for the new office building, and there is a one-time capital expense for office furniture expenses for the new office, as staff anticipate moving to the new office in 2026 Q3.

Employee Benefits
During the CEO Report update at the December 11, 2024, Board of Directors meeting, staff informed the Board that SVCE was able to secure rate improvements for life insurance, short-term and long-term disability plans, as well as dental and vision coverage. The savings from these rate improvements will be passed on to employees to cover the out-of-pocket premiums for dental and vision. As a result, dental and vision are now 100% covered starting January 2025, allowing employees to select better medical insurance plans with the $1500 per employee per month employer premium contribution. The proposed budget continues to include dental and vision coverage moving forward. Staff recommends no changes to the current benefits, which will remain in effect for FY 26 (Attachment 6).

Programs Budget
SVCE will continue incorporating projected Decarbonization Programs spending over the 5-year forecast into the reserve balance projections. For the current fiscal year, Program spending is projected to be $27 million, with an additional spend of $964 thousand from the Customer Relief and Community Resilience Program (CRCR)
7 Fund, and $500 thousand in E-Elec (all-electric) Fund, the all-electric rate discounts. 7 CRCR, the ~$10 million Customer Relief and Community Resilience Program, was established in 2020 to provide COVID credit payments to income-qualified customers as bill assistance, support local workforce training, and fund resiliency planning and capital expenditures at SVCE member cities. 9 The Board approved the office building fund of $20M in March 2024 when adopting the FY23-24 Midyear adjusted budget.

Item 4
Agenda Item: 4 Agenda Date: 8/4/2025

Non-Operating Revenues
Investment income is projected to increase by $1.7 million, reflecting the increase in interest earned on the prior accumulated reserve balance.

Non-Operating Expenses
The proposed budget expects non-operating expenses to increase by about $16 thousand from the FY2024-25 adjusted mid-year budget. The increase reflects the newly CPUC-adopted method for Provider of Last Resort (POLR) collateral calculations and the bank fees associated with its respective Financial Security Requirement (FSR) posting amount.

Capital Projects
The office building purchase was completed in February 2025. Staff plans to utilize the remaining Office Building Fund9 balance for renovation and upgrades needed. For other ongoing facility operating costs, as well as a one-time capital purchase of office furniture, these have been separately included in this proposed budget as Operating Expenses and Capital Outlay. Staff will continue to evaluate the timeline and seek further approval for the renovation-related budget as needed. The latest projection is to move to the new office building around Q3 of 2026. A complete list of capital projects is provided in Attachment 7.

STRATEGIC PLAN
The recommendation supports all of the Board's adopted strategic plan goals. Specifically, this budget update supports SVCE Strategic Plan Goal 6 – “Maintain healthy financial position; avoid failures in the management of market risk, credit risk, liquidity risk, operational risks, and enterprise risks.”

ALTERNATIVE
Staff is open to feedback and suggestions from the Board. At a strategic level, the Board can change the discount to PG&E, reduce the power supply portfolio's carbon-free and/or renewable percentages, and cut the expenditure on the Decarbonization Programs.

Staff does not recommend any specific reductions given a sufficient projected reserve balance that maintains SVCE’s stable financial condition.

FISCAL IMPACT
The FY25-26 Operating Budget includes $358.4 million in revenues and $398.5 million in expenses, non-operating revenues, and transfers, reducing reserves by 40.1 million.

ATTACHMENT

1. FY 2025-26 Proposed Operating Budget

2. Financial Reserves Policy

3. Proposed 5-year Financial Forecast

4. FY 2025-2026 Proposed Salary Table

5. FY 2025-2026 Proposed Organization Chart

6. FY 2025-2026 Benefits Table

7. Capital Projects Report
Item 4

SILICON VALLEY CLEAN ENERGY
FY25-26 OPERATING BUDGET
($ in thousands)
FY 2024-25 FY25-26

MID-YEAR

ADJUSTED ANNUAL
DESCRIPTION BUDGET BUDGET $ %

ENERGY REVENUES
Energy Sales 521,650 360,057 (161,593) -31.0%
Green Prime 1,884 2,469 585 31.1%
Customer Bill Relief (Existing CARE/FERA) 0 (4,110) (4,110) 0.0% Other Income 0 0 0 0.0%
TOTAL ENERGY REVENUES 523,534 358,416 (165,118) -31.5%

ENERGY EXPENSES
Power Supply 349,478 368,896 19,418 5.6%
OPERATING MARGIN 174,056 (10,480) (184,536) -106.0%

OPERATING EXPENSES
Data Management 3,549 3,764 215 6.0%
PG&E Fees 1,516 1,569 52 3.4%
Salaries and Retirement 18,805 18,870 66 0.3%
Professional Services 7,797 10,902 3,105 39.8%
Marketing & Promotions 1,885 2,347 462 24.5%
General & Administrative 5,733 5,742 9 0.2%
TOTAL OPERATING EXPENSES 39,284 43,193 3,909 9.9%
OPERATING INCOME (LOSS) 134,771 (53,673) (188,445) -139.8%

NON-OPERATING REVENUES
Interest Income 19,756 21,413 1,657 8.4%
TOTAL NON-OPERATING REVENUES 19,756 21,413 1,657 8.4%

NON-OPERATING EXPENSES
Financing 12 29 16 129.4%
TOTAL NON-OPERATING EXPENSES 12 29 16 129.4%
TOTAL NON-OPERATING INCOME (EXPENSES) 19,743 21,384 1,641 8.3% CHANGE IN NET POSITION 154,515 (32,289) (186,803) -120.9%

CAPITAL EXPENDITURES, INTERFUND

TRANSFERS & OTHER
Capital Outlay 50 512 462 924.0%
Program Fund 10,530 7,251 (3,279) -31.1%
Nuclear Allocation 3,708 0 (3,708) -100.0%
Customer Bill Relief (Existing CARE/FERA) 5,370 0 (5,370) -100.0% Additional One-Time Bill Credit for All Customers 35,000 0 (35,000) -100.0% Hanford Emissions Mitigation Fund 1,800 0 (1,800) -100.0% Other 0 0 0 0.0%

TOTAL CAPITAL EXPENDITURES, INTERFUND
TRANSFERS & OTHER 56,458 7,763 (48,695) -86.2%
BALANCE AVAILABLE FOR RESERVES 98,057 (40,052) (138,109) -140.8% Change
Item 4
Attachment 1

Effective on 9/11/2024
Finance Policy 9: Financial Reserves
I. Purpose
This Reserve Policy outlines the appropriate types and levels (minimum, goal, and maximum) of financial reserves as prescribed in the following policy. The primary reason for a reserve policy is to be prepared for contingencies, but other reasons also exist. Seven important purposes of a reserve policy are as follow:
• Plan for contingencies. To maintain sufficient reserves to minimize rate increase due to market volatility (power supply shocks or maintain rate competitiveness), weather impacts on demands, economic downturns, emergencies (such as natural disasters), and regulatory changes. • Maintain good standing with rating agencies. By maintaining sufficient reserves, SVCE can preserve good credit ratings, allowing it to secure power at lower costs, that is, without posting credit enhancements, in the energy markets.
• Avoid interest expense. To avoid interest expense to cover short-term cash shortfalls by having sufficient reserves to use for this purpose, rather than debt.
• Ensure cash availability when revenue is unavailable. To bridge times of the year that normally see temporary low levels of cash. • Plan for anticipated future rate increases by gradually raising those rates, using reserves to cushion the full impact on customers over an extended time period. For example, if it is expected that rates are highly likely to increase in 3 to 5 years, higher reserves on hand can cushion those rate increases over a more gradual timeframe by drawing down on the accumulated funds that may be in excess of the reserves’ goal. • Manage the risks identified in the Energy Risk Management Policy, which are:
o Market price risk,
o Net revenue risk,
o Counterparty credit and performance risk,
o Load and generation volumetric risk,
o Operational risk,
Item 4
Attachment 2
SILICON VALLEY <3/ CLEAN ENERGY

Effective on 9/11/2024
o Liquidity risk, and
o Regulatory/legislative risk.
• Establish clear expectations between the Board of Directors and staff. A formal reserve policy creates a shared understanding of the proper level and use of reserves.

II. Policy
A. Financial reserves shall be set aside as follows:

The Reserve targets cover the operations of SVCE over a number of days in the event of emergencies or other significant unforeseen events.

Three levels are defined, with the first being baseline. Given the purposes stated above, the Reserve shall be maintained at no less than the minimum described below. The operating reserve level described below is recommended as the goal. The Maximum reserve level described below would provide solid reserves for significant fluctuations in revenue or unforeseen circumstances. The Board shall review its reserve levels annually in context of SVCE’s overall financial condition of the agency, as well as due to changes to the industry and/or risk factors as described in periodic review of targets below. o Minimum Operating Reserve (baseline) shall be the minimum maintained to cover 120 days of operations of the annual operating budget;
o An Operating Reserve goal of covering 350 days of operations of the annual operating budget;
o Maximum Operating Reserve to cover 500 days of operations of the annual operating budget.

Item 4
Attachment 2
SILICON VALLEY <3/ CLEAN ENERGY

Effective on 9/11/2024
B. Conditions for Use of Reserves
• For purposes of this policy, use of reserves is defined as a projected or estimated1 reduction in reserves by fiscal year-end. A temporary reduction in cash consistent with the expected peaks or dips in revenues and expenditures are normal cyclical occurrences to be expected during the fiscal year, and do not constitute a use of reserves. • The reserves may be drawn down upon by the CEO during the year, up to the lesser of 10% of the year’s budgeted cost of power supply, or $30 million, to:
o Cover increases in power supply expenses due to spikes in costs and/or due to higher customer demand;
o Provide necessary funds to make up for unanticipated revenue shortfalls;
o Meet any margin or collateral posting requirements under energy supply contracts; and,
o Provide resources to meet emergency expenditures.
• If further use of reserves are needed to manage the operations of the organization, or if the use of reserves would bring the balance below the Minimum Operating Reserve baseline, the CEO must present recommendations to the Board and the Board must authorize any such use.

C. Replenishment of Reserves
• Should SVCE drawdown reserves below the Minimum Operating Reserve level, SVCE will consider plans to return reserves to their minimum targets within two (2) fiscal years. Such plans will be provided in subsequent budget and rate discussions with the Board.
1 It is not practical to wait the formal fiscal year end closing of the accounting records to determine if the reserves have been “used”. Therefore, it is appropriate for staff to estimate reserve levels, with the important amount being what is estimated for fiscal year end.

Item 4
Attachment 2
SILICON VALLEY <3/ CLEAN ENERGY

Effective on 9/11/2024
D. Excess Reserves
• If reserve funds are projected to exceed the maximum level, the CEO shall present options for consideration by the Board of Directors for proper disposition of those reserves during the next budget cycle. In computing excess reserves, the reserve balance will be reduced for earmarked funds or allocated but unspent funds.

E. Reserves between Minimum and Maximum
• To the extent that reserves are above target and below the maximum, no other action by SVCE would be required.

F. Periodic Review of Reserve Goals
• Reserve goals shall be periodically reviewed for consistency with industry standards. If significant risk factors are eliminated or significant new risks emerge as a result of changes in the industry, legislation, or economic conditions, the basis of the reserve policy shall be reviewed, and the funding level shall be adjusted accordingly. Unless the Reserves are approaching minimum levels, formal Reserve funding discussions with the Board may await the next budget process.

G. Reporting
• Reserve levels will be monitored during the fiscal year and reported in the quarterly financial reports. Reserve target levels (minimum and maximum) will be analyzed annually, and over/under reserve determination shall be made in conjunction with year-end financial results. These results will be reported to the Board of Directors as part of the year-end financial report presentation.

Item 4
Attachment 2
SILICON VALLEY <3/ CLEAN ENERGY
($ in Thousands)
FY 2025-26 FY 2026-27 FY 2027-28 FY 2028-29 FY 2029-30
Operating Revenue (Forecast) (Forecast) (Forecast) (Forecast) (Forecast) Electricity Sales, Net1 $360,057 $344,870 $373,562 $385,869 $399,386 GreenPrime Electricity Premium $2,469 $2,510 $2,336 $2,309 $2,361 Reduction in Revenue $(4,110) $0 $0 $0 $0
Other Income $0 $0 $0 $0 $0
Total Operating Revenues $358,416 $347,380 $375,898 $388,178 $401,747 Operating Expense
Power Supply $368,896 $377,056 $390,399 $389,754 $409,179 Operating Margin $(10,480) $(29,676) $(14,501) $(1,576) $(7,432) Data Management $3,764 $3,952 $4,149 $4,357 $4,575
PG&E Service Fees $1,569 $1,647 $1,729 $1,816 $1,907
Salaries and Retirement $18,870 $19,814 $20,805 $21,845 $22,937 Professional Services $10,902 $11,447 $12,019 $12,620 $13,251 Marketing & Promotions $2,347 $2,464 $2,587 $2,717 $2,852 General and Administration $5,742 $5,526 $5,803 $6,093 $6,397 Transfers to Programs Fund $7,251 $6,948 $7,518 $7,764 $8,035 Total Operating Expenses $419,340 $428,854 $445,009 $446,965 $469,134 Operating Income $(60,924) $(81,475) $(69,111) $(58,787) $(67,387) Nonoperating Revenue
Investment Income $21,413 $16,236 $11,990 $10,449 $8,184 Grant Income $0 $0 $0 $0 $0
Total Non-Operating Revenues $21,413 $16,236 $11,990 $10,449 $8,184 Nonoperating Expense
Financing Cost $29 $29 $29 $29 $29
Capital Outlay $512 $50 $50 $50 $50
Total Non-Operating Expense $541 $79 $79 $79 $79
Non-Operating Income $20,872 $16,157 $11,911 $10,371 $8,106 Change in Net Position/Available for Reserves $(40,052) $(65,317) $(57,200) $(48,417) $(59,281) Begin, Net Financial Position $593,981 $523,874 $434,778 $360,355 $296,351 Adjustment for Program Expenditure and Building Fund2 $(30,055) $(23,779) $(17,224) $(15,588) $(16,196) End, Net Financial Position $523,874 $434,778 $360,355 $296,351 $220,873 Days Cash On Hand (DCOH) at Year End $494,189 $405,094 $330,670 $266,666 $191,188 Days of cash on hand 430 345 271 218 149

1. Assumptions: 4% overall discount relative to comparable PG&E rates for calendar year 2025. FY 25-26 includes additional bill credit to low income customers totaling $4.1 million. 1% discount for 2026-2030.

2. Each year the Board transfers funds from the Operating Budget to the Decarbonization Programs Fund as shown in the above forecast under line item Transfers to Programs Fund. The line item Adjustment for Program Expenditure accounts for the difference between forecasted spend for programs versus the amount transferred to the fund. This adjustment is needed because program spending to date has been less than the amount transferred to the programs fund. The $20 million in building Fund is assumed to be spent between FY24-25 and FY25-26.

Item 4
Attachment 3
Title Minimum Salary
(Annual $)
Maximum Salary
(Annual $)
$ 108,355 $ 185,595
$ 72,236 $ 114,648
$ 108,355 $ 170,171
$ 129,103 $ 185,811
$ 94,405 $ 143,419
$ 90,294 $ 146,622
$ 144,471 $ 208,108
$ 101,898 $ 158,986
$ 144,471 $ 219,593
$ 228,746 $ 381,448
$ 94,405 $ 143,419
$ 144,471 $ 215,886
$ 78,255 $ 127,891
$ 129,103 $ 190,592
$ 136,296 $ 198,649
$ 144,471 $ 208,108
$ 108,355 $ 185,595
$ 185,809 $ 291,983
$ 204,202 $ 320,864
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 218,360 $ 327,540
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 192,644 $ 302,702
$ 144,471 $ 220,555
$ 181,225 $ 275,458
$ 161,808 $ 245,944
$ 94,405 $ 143,420
$ 179,204 $ 264,330
$ 156,511 $ 245,944
$ 108,355 $ 185,595
$ 192,644 $ 302,702
$ 108,355 $ 185,595
$ 132,432 $ 208,108
$ 180,590 $ 245,944
$ 132,432 $ 208,108
$ 94,405 $ 143,419
Administrative Analyst
Administrative Assistant
Associate Data Analyst
Associate Data Scientist
Associate Financial Analyst
Associate Legislative Analyst
Associate Manager of Decarbonization Programs and Policy Associate Power Analyst
Associate Power Resources Planner
CFO
Communication Specialist
Communications Manager
Community Outreach Specialist
Data Analyst
Data Engineer
Data Scientist
Deputy Board Clerk/Administrative Assistant
Deputy Director of Marketing and Communications Deputy
Director of Power Resources
Director of Customer Success
Director of Decarbonization Policy and Community Strategies Director of Energy Services & Community Relations
Director of Government and Legislative Affairs
Director of Human Resources
Director of Operations
Director of Power Resources
Director of Regulatory, Policy and Planning
Director of Risk Management and Analytics
Director of Strategic Development
Energy Services Lead
Energy Services Manager
Energy Services Principal
Energy Services Specialist
Energy Trading Manager
Energy Trading Planner
Financial Analyst
General Counsel
Human Resources Analyst
Human Resources Generalist
Human Resources Manager
IT Analyst
IT Support Specialist
Management Analyst/Admin $ 132,432 $ 208,108
FY25-26 Salary Chart

Item 4
Attachment 4
Title Minimum Salary
(Annual $)
Maximum Salary
(Annual $)
FY25-26 Salary Chart
Manager of Data and Analytics $ 185,227 $ 275,457
Manager of Decarbonization Programs $ 156,511 $ 245,944 Manager of Finance $ 164,337 $ 249,730
Manager of Technology and Admin Services $ 164,337 $ 249,730 Marketing Lead $ 144,471 $ 220,555
Marketing Specialist $ 78,255 $ 127,891
Policy Analyst $ 108,355 $ 185,595
Power Analyst $ 114,125 $ 178,064
Power Contracts & Settlements Manager $ 180,590 $ 283,783 Power Resources Manager $ 180,590 $ 283,783
Power Resources Planner $ 156,511 $ 245,944
Power Settlements and Compliance Analyst $ 132,432 $ 208,108 Power Settlements Manager $ 179,204 $ 264,330
Power Settlements Planner $ 156,511 $ 245,944
Principal Data Engineer $ 156,511 $ 249,185
Principal Data Scientist $ 175,292 $ 261,051
Principal Policy Analyst $ 156,511 $ 232,810
Principal Power Analyst $ 143,158 $ 223,363
Program Marketing Manager $ 144,471 $ 215,886
Programs Lead $ 144,471 $ 220,555
Programs Specialist $ 90,294 $ 146,622
Rates Manager $ 164,337 $ 245,944
Regulatory & Compliance Manager $ 156,511 $ 245,944
Regulatory Analyst $ 126,413 $ 185,595
Senior Board Clerk/Executive Assistant $ 132,432 $ 220,555 Senior Communications Specialist $ 94,405 $ 160,629
Senior Data Analyst $ 144,471 $ 213,463
Senior Data Engineer $ 152,651 $ 222,486
Senior Data Scientist $ 156,511 $ 233,081
Senior Energy Services Specialist $ 108,355 $ 160,630
Senior Financial Analyst $ 144,471 $ 208,108
Senior Government Affairs Manager $ 192,644 $ 264,330
Senior IT Analyst $ 145,675 $ 228,919
Senior Management Analyst $ 144,471 $ 228,919
Senior Manager of Communications $ 165,901 $ 260,700
Senior Manager of Decarbonization Programs and Policy $ 165,901 $ 260,700 Senior Manager of Power Resources $ 192,644 $ 302,702
Senior Manager of Technology and Administrative Services $ 184,057 $ 278,802 Senior Marketing Specialist $ 94,405 $ 143,419
Senior Policy Analyst $ 126,413 $ 207,866
Senior Power Analyst $ 127,820 $ 199,432
Senior Power Resources Planner $ 192,644 $ 275,458
Senior Programs Specialist $ 108,355 $ 164,217

Item 4
Attachment 4
Title Minimum Salary
(Annual $)
Maximum Salary
(Annual $)
FY25-26 Salary Chart
Senior Programs Specialist $ 109,558 $ 179,905
Senior Public Sector Services Manager $ 165,901 $ 260,700 Senior Quantitative Analyst $ 144,471 $ 213,463
Senior Rates Analyst $ 144,471 $ 208,108
Senior Regulatory Advisor $ 132,432 $ 208,108
Senior Regulatory Analyst $ 132,432 $ 208,108
Senior Regulatory Analyst & Associate General Counsel $ 144,471 $ 220,555 Wholesale Energy Markets Manager $ 179,204 $ 264,330
Wholesale Energy Markets Planner $ 156,511 $ 245,944

Item 4
Attachment 4
FY25-26 Proposed Budget Organization Chart (Exec, Finance, PRO, Operations) CEO
Manager of
Finance
Chief Financial OfficerDirector of Power
Resources
General Counsel Sr. Board Director of Human
Clerk/Executive Resources
Assistant
Director of Operations
Director of
Risk Management
and Analytics
Deputy
Director of
Power
Resources
Wholesale Market
Planner
Power
Analyst
Power
Resource Manager
Power
Supply
Program
Manager
Rotational
Power Analyst
Deputy Board
Clerk/Administrative
Assistant
HR Admin Assistant Senior
Information
Technology
Analyst
Information
Technology
Support
Specialist
Project
Coordinator
Sr. Manager of
IT and Admin
Services
Associate
Finance,
Risk, and
Data Analyst
Administrative
Analyst
Senior
Quantitative Analyst
Senior
Financial
Analyst
Senior
Financial
Analyst
Manager of
Data &
Analytics
Data
Engineer
Senior
Quantitative Analyst
Power
Settlements
Planner
Power
Settlements
and Compliance
Analyst
Regulatory &
Compliance Manager
Power
Resources
Planner
Associate
Power
Analyst
Clean
Energy
Internal Operations
Intern
Energy
Trading
Planner
Associate
Data
Scientist
Data &
Analytics
Intern
Senior Data
Engineer
Item 4
Attachment 5
FY25-26 Proposed Budget Organization Chart (Exec, CS, RPPL) CEO
Director of Customer
Success
Director of
Regulatory,
Policy and
Planning
Director of Government and
Legislative
Affairs
Director of Decarbonization
Policy and
Community
Strategies
Decarbonization Management
Analyst
Manager of
Decarbonization
Programs and
Policy
Energy Services ManagerEnergy Services Manager
Senior Programs
Specialist
Programs Lead Programs Lead Programs Lead Communications Consultant
Energy Lead Energy Services
Specialist
Energy Services
Specialist
Sr. Energy
Specialist
Community Outreach
Specialist
Electric Project
Cost Analyst
Intern
Climate Corp
Fellow
Deputy Director
of Marketing and
Communications
Internal
Operations
Program
Manager
Sr. Regulatory Senior Power Resource Forecasting and
Analyst & Regulatory Planner Planning Analyst
Associate Advisor General Counsel
Communications Manager
Program
Marketing Manager
Communications
Specialists
Marketing
Specialist
Senior Marketing
Specialist
Marketing Lead
Climate Corp
Fellow
Senior Community
Strategies
Specialist
Senior Manager of
Public Sector
Services
Technical Manager
of Decarbonization
Planning &
Strategy
Decarbonization &
Community
Strategies Lead
Climate Corp Fellow
Item 4
Attachment 5
2025 Benefits Summary
333 W El Camino Real, Suite 330 | Sunnyvale, CA 94087 | 1-844-474-SVCE (7823) | SVCleanEnergy.org Campbell | Cupertino | Gilroy | Los Altos | Los Altos Hills | Los Gatos | Milpitas | Monte Sereno | Morgan Hill | Mountain View | Saratoga | Sunnyvale | Unincorporated Santa Clara County Benefit Details
Health Insurance
Employer Premium Contribution SVCE provides up to $1,500 per month to cover the employee and dependent medical insurance premiums.

Medical Coverage is provided through the CalChoice marketplace, and currently includes the following options:

Kaiser – HMO plans
Sutter Health – HMO plans
Anthem Blue Cross – PPO plans
Cigna –EPO G
Dental Delta Dental PPO – 100% Employer Paid
Vision Vision PPO Plan – 100% Employer Paid
Retirement
401 (a) Plan Mandatory 10% employee contribution matched by 10% employer contribution in lieu of Social Security. Fully vested from date of hire. 457 (b) Deferred Compensation Voluntary pre-tax employee contributions up to annual IRS limits.

HRA -or- HSA
Health Reimbursement Account SVCE contributes $500 / month towards a Health Reimbursement Account that the employee can use for qualified health care expenses. Unused balances can be carried over to the next year.

Health Savings Account
(only with eligible High Deductible
Health Plans)
SVCE contributes up to $400 / month towards a Health Savings Account that the employee can use for qualified health care expenses. Balance can be invested and stays with employee after separation.

FSA – Health / Dependent Care / Transportation / Parking Employer Contribution SVCE contributes $200 / month towards flexible spending accounts that can be used for qualified expenses in the categories below. Employee can contribute additional funds up to the IRS limits.

Health Spending Account Employee can annually contribute up to $3,200 pre-tax to their Health FSA. A maximum of $660 rolls over for 2025.

Dependent (Child / Elder) Care
Assistance
Employee can annually contribute up to $5,000 pre-tax to their Dependent Care account. Funds do not roll over.

Transit / Parking Plan Non-taxable reimbursement of up to $315 per month for qualified transit and parking expenses, all funds roll over as long as you remain eligible Health / Wellness
Fitness Reimbursement Program SVCE will reimburse up to $600 / year for qualified fitness expenses (class / program / equipment) per year. This reimbursement will accrue annually up to $3000.

Professional Development
Tuition Reimbursement Program SVCE will reimburse up to $5,000 / year for qualified educational advancement that supports the organization’s mission.

Employee Rebate Reimbursement
SVCE Employees are eligible to
receive the same rebate benefits as
its customers
SVCE rebates are available for single-family homes, accessory dwelling units (ADUs), and multi-family homes (4 dwelling units or fewer) swapping out existing equipment, not for completely new building construction. Each dwelling unit is eligible for one rebate per appliance type.

Item 4
Attachment 6
SILICON VALLEY \3/ CLEAN ENERGY
2025 Benefits Summary
333 W El Camino Real, Suite 330 | Sunnyvale, CA 94087 | 1-844-474-SVCE (7823) | SVCleanEnergy.org Campbell | Cupertino | Gilroy | Los Altos | Los Altos Hills | Los Gatos | Milpitas | Monte Sereno | Morgan Hill | Mountain View | Saratoga | Sunnyvale | Unincorporated Santa Clara County Miscellaneous
Short Term Disability Insurance STD provided at 60% of weekly earnings subject to terms of STD insurance carrier and cap based on salary.

Long Term Disability Insurance LTD provided at 60% of monthly earnings subject to terms of LTD insurance carrier and cap based on salary.

Term Life Insurance 100% Employer-paid for 1X base salary with minimum guarantee at $200,000 life and AD&D coverage.

Employee Assistance Program (EAP) 100% Employer-paid confidential counseling for you and your immediate family member and work/life services assistance.

Hybrid Work Set up One time $500 reimbursable for home office set up.

Technology Stipend $50 monthly stipend for phone and $70 internet connection costs Voluntary Term Life and AD&D Rates
Voluntary term life monthly rate Voluntary term life rates do not include the AD&D rate. The spouse is charged based upon his/her individual age.

Child(ren) monthly rate: $10,000 of coverage for $2.00 per family Voluntary Accidental Death and
Dismemberment (AD&D) monthly rate
Employee and spouse $.039
Leave
Vacation Leave SVCE offers 160 hours of Paid Time Off (PTO) that is accrued bi-weekly for the first year. PTO includes vacation, sick, etc.

After the first-year anniversary date, an additional 8 hours will be granted per year up to the tenth year of employment.

All unused PTO at the end of the year can be carried over to a maximum of twice the annual accrual.

Exempt employees receive an additional 40 hours of Management Leave at the beginning of each calendar year, which does not carry over to the next year.

Holidays 13 days (104 hours) per year.

New Year’s Day
Martin Luther King Jr.’s Birthday
Presidents’ Day
Cesar Chavez Day
Memorial Day
Juneteenth
Independence Day
Labor Day
Veteran’s Day
Thanksgiving (2 days)
Christmas Day
Floating Holiday (does not accrue, use annually)
Administrative Shut-Down Leave Christmas Day though New Year’s Day Bereavement Leave Up to 5 days paid bereavement leave in the event of a death in your immediate family.

Parental Leave 240 hours of paid parental leave, eligibility at the CEOs discretion Item 4
Attachment 6
SILICON VALLEY \3/ CLEAN ENERGY
Description Account Date Cost Life
(months) Depreciation Operating Cost/Revenue Impact
Effect on
Operations/
Reliability
Consequence of not
funding the Capital Project Source of Funding On-going Impact to Operational Budget January 2025 - Stage 1 Initial Roof Inspection - Building finalized in February 2025
Construction in
Progress 01/31/2025 $ 3,000 480 not in service yet
None (allocated towards Office
Building Fund) N/A Need to fulfill staff office space needs Office Building Fund Reduction in 5-Year Reserves forecast January 2025 - deposit for stage 1 initial roof inspection -Building finalized in February 2025
Construction in
Progress 01/31/2025 $ 1,000 480 not in service yet
None (allocated towards Office
Building Fund) N/A Need to fulfill staff office space needs Office Building Fund Reduction in 5-Year Reserves forecast Office Building on 298 South Sunnyvale Avenue, Sunnyvale CA 94086 Building 02/20/2025 $ 7,000,000 480 not in service yet
None (allocated towards Office
Building Fund) N/A Need to fulfill staff office space needs Office Building Fund Reduction in 5-Year Reserves forecast LAND Office Building on 298 South Sunnyvale Avenue, Sunnyvale CA 94086 Land 02/20/2025 $ 4,500,000 N/A Land not in service yet
None (allocated towards Office
Building Fund) N/A Need to fulfill staff office space needs Office Building Fund Reduction in 5-Year Reserves forecast May 2025 - Sunnyvale HQ - Construction Project Management Services Construction in Progress 05/31/2025 $ 20,000 480 not in service yet
None (allocated towards Office
Building Fund) N/A Need to fulfill staff office space needs Office Building Fund Reduction in 5-Year Reserves forecast Office Furniture for 298 S Sunnyvale Furniture 09/01/2026 $ 462,000 84 not in service yet
Listed in FY25-26 Proposd
Budget Capital Expenditure N/A Need to fulfill staff office space needs FY25-26 Proposed
Operating Budget
One-time Capital cost in
FY25-26 budget
*Furniture depreciates at 84 months
*Software / electronics depreciate at 36
month
Capital Projects Report
Item 4
Attachment 7