Exhibit 5.1
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August 1, 2024
Pacific Gas and Electric Company
PG&E Recovery Funding LLC
300 Lakeside Drive
Oakland, California 94612
Re: | Pacific Gas and Electric Company |
| PG&E Recovery Funding LLC |
| Registration Statement on Form SF-1 |
To the Addressees:
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 Company of $1,419,285,000 aggregate principal amount of the Company’s Senior Secured Recovery Bonds, Series 2024-A (the “Bonds”), pursuant to the Registration Statement on Form SF-1 (Registration Nos. 333-278688 and 333-278688-01) filed by PG&E and the Company on April 15, 2024 with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), as amended by Amendment No. 1 thereto filed by PG&E and the Company on May 24, 2024 and as further amended by Amendment No. 2 thereto filed by PG&E and the Company on July 5, 2024 with the Commission under the Securities Act (collectively, the “Registration Statement”).
The Bonds were issued under the Indenture, dated as of August 1, 2024 (the “Base Indenture”), between the Company and The Bank of New York Mellon Trust Company, National Association, as trustee (the “Trustee”), as supplemented by the Series Supplement, dated as of August 1, 2024 establishing the forms, terms and other provisions of the Bonds (the “Series Supplement” and, together with the Base Indenture, the “Indenture”). The Bonds were sold pursuant to the terms of the Underwriting Agreement, dated July 24, 2024 (the “Underwriting Agreement”), among the Company, PG&E, Goldman Sachs & Co. LLC, Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as representatives of the several 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 in connection with the authorization, issuance and sale of the Bonds. In rendering the opinion 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
ATLANTA AUSTIN BANGKOK BEIJING BOSTON BRUSSELS CHARLOTTE DALLAS DUBAI HOUSTON
LONDON LOS ANGELES MIAMI NEW YORK RICHMOND SAN FRANCISCO TOKYO TYSONS WASHINGTON, DC
www.HuntonAK.com