Exhibit 5.1
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![LOGO](https://capedge.com/proxy/8-K/0001193125-21-328376/g260142dsp237a.jpg) | | HUNTON ANDREWS KURTH LLP |
November 12, 2021
Pacific Gas and Electric Company
PG&E Recovery Funding LLC
77 Beale Street
P.O. Box 770000
San Francisco, California 94177
Re: | Pacific Gas and Electric Company |
PG&E Recovery Funding LLC
Registration Statement on Form SF-1
Ladies and Gentlemen:
We have acted as counsel to Pacific Gas and Electric Company, a California corporation (“PG&E”), and PG&E Recovery Funding LLC, a Delaware limited liability company (the “Company”), in connection with the issuance and sale by the Issuer of $860,399,000 aggregate principal amount of the Issuer’s Senior Secured Recovery Bonds, Series 2021-A (the “Bonds), covered by the Registration Statement on Form SF-1 (Registration Nos. 333-256944 and 333-256944-01) filed on June 9, 2021 and as amended by Amendment No. 1 thereto filed on July 23, 2021, as further amended by Amendment No. 2 thereto filed on August 27, 2021 and as further amended by Amendment No. 3 thereto filed on October 19, 2021 (collectively, the “Registration Statement”) with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”).
The Bonds were issued under an Indenture (the “Base Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), as supplemented by a Series Supplement establishing the forms, terms and other provisions of the Bonds (the “Series Supplement” and, together with the Base Indenture, the “Indenture”) between the Company and the Trustee. The Bonds were sold pursuant to the terms of the Underwriting Agreement, dated November 4, 2021 (the “Underwriting Agreement”), among the Company, PG&E and the underwriters named therein.
This opinion letter is being delivered in accordance with the requirements of Item 601(b)(5) of Regulation S-K under the Securities Act.
We are familiar with the proceedings taken by the Company and PG&E in connection with the authorization, issuance and sale of the Bonds. In rendering the opinions expressed below, we have examined and relied upon copies of the Registration Statement and the exhibits filed therewith, and the Indenture. We have also examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and statements of government officials and other instruments, and have examined such questions of law and have satisfied ourselves as to such matters of fact, as we have considered relevant and necessary as a
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