$539 Million Prepaid Natural Gas Transaction

Represented J. Aron & Company LLC (a subsidiary of The Goldman Sachs Group, Inc.) in its role as commodity supplier, receivables purchaser and investment contract provider in a prepaid natural gas and power transaction financed with more than $539 million in municipal bonds issued by Northern California Energy Authority. This was a unique transaction, which in consideration of California’s renewables requirements, involved a bespoke feature that allows a switch from gas to electricity deliveries in the future.

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