Dominion Energy Extends and Expands Credit Facilities; Introduces Innovative Sustainability-Linked Pricing

- Sustainability-linked credit facilities to provide up to $6.9bn of liquidity

- First of its kind structure encourages use of proceeds for green and social spending programs

- Demonstrates Dominion Energy's environmental, social, and governance industry leadership

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Jun 09, 2021, 16:05 ET

RICHMOND, Va., June 9, 2021 /PRNewswire/ -- Dominion Energy (NYSE: D) today announced the successful syndication of sustainability-linked credit facilities totaling $6.9 billion, furthering its ongoing commitment to a sustainable future.

$6.0 billion master credit facility extended to 2026
$0.9 billion supplemental credit facility expiring in 2024

The master credit facility links pricing to achievement of annual renewable electric generation and diversity & inclusion milestones. The supplemental facility presents a first of its kind structure whereby pricing benefits accrue for draws related to qualified environmental and social spending programs.

James R. Chapman, executive vice president, chief financial officer and treasurer said "These green financings support our corporate sustainability objectives and complement our industry leadership around environmental, social, and governance strategies, while providing us with the flexibility to finance our $32 billion five-year growth capital plan--- over 80% of which is for emissions reduction or enabling technologies."

Sustainable finance is part of Dominion Energy's ESG strategy and commitment to building a clean and sustainable energy future. Dominion Energy is focusing on clean energy goals that include achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050 and offering what Dominion Energy believes is the largest regulated decarbonization investment opportunity in the country.

For the master credit facility, JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd. ("Mizuho"), BofA Securities, Inc., The Bank of Nova Scotia ("Scotiabank"), and Wells Fargo Securities, LLC acted as Joint Lead Arrangers. J.P. Morgan Securities LLC and Mizuho acted as Co-Sustainability Structuring Agents.

For the supplemental credit facility, Sumitomo Mitsui Banking Corporation ("SMBC"), Scotiabank and TD Securities (USA) LLC acted as Joint Lead Arrangers and Joint Bookrunners and SMBC acted as Sustainability Coordinator.

About Dominion Energy
More than 7 million customers in 16 states energize their homes and businesses with electricity or natural gas from Dominion Energy (NYSE: D), headquartered in Richmond, Va. The company is committed to sustainable, reliable, affordable and safe energy and to achieving net zero carbon dioxide and methane emissions from its power generation and gas infrastructure operations by 2050. Please visit DominionEnergy.com to learn more.

This release contains certain forward-looking statements, including the intended use of proceeds of the credit facilities discussed herein, which are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the current pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes to regulated rates collected by Dominion Energy; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; changes to federal, state and local environmental laws and regulations, including those related to climate change; cost of environmental compliance; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; changes in operating, maintenance and construction costs; additional competition in Dominion Energy's industries; changes in demand for Dominion Energy's services; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; the expected timing and likelihood of completion of the proposed sale of Dominion Energy Questar Pipeline to Berkshire Hathaway Energy, including the ability to obtain the requisite regulatory approvals and the terms and conditions of such regulatory approvals; adverse outcomes in litigation matters or regulatory proceedings; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; and capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms. Other risk factors are detailed from time to time in Dominion Energy's quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the Securities and Exchange Commission.

SOURCE Dominion Energy