Third green bond impact reporting

We are reporting the anticipated annual amount of avoided emissions for the renewable energy projects to which all of the net proceeds of the third green bond were allocated. The amount reported is estimated based on currently available data.

Category	Renewable energy
Metric	Anticipated greenhouse gas (GHG) emissions avoided per year
Calculation	Estimated annual renewable energy¹ multiplied by GHG emissions factor²
Anticipated annual impact	1,534,216 MT CO₂e avoided annually³

¹ The estimated annual amount of renewable energy generated by the projects covered by the VPPAs was determined based on the full amount of our contracted capacity with respect to those projects.

²Emissions calculated using the EPA eGRID United States Electricity Grid 2019 average (U.S. annual CO₂ equivalent total output emission rate [lb/MWh]). See https://www.epa.gov/energy/greenhouse-gases-equivalencies-calculator-calculations-and-references/.

³Because the green bond proceeds allocated to the VPPAs for the Arizona and Iowa projects cover only a portion of the estimated total cost of the VPPAs, we have included only an equivalent proportion of the estimated total annual amount of avoided emissions for each project.

Anticipated annual GHG
emissions avoided equivalents

333,661

passenger vehicles driven in one year

278,679

homes' electricity use for one year

Based on EPA GHG Calculator (https://www.epa.gov/energy).