Exhibit 5.1
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| | FILE NO. 026915.69 |
September 11, 2024
PG&E Corporation
300 Lakeside Drive
Oakland, California 94612
Registration Statement on Form S-3
To the Addressee:
We have served as counsel to PG&E Corporation, a California corporation (the “Company”), in connection with the issuance and sale by the Company of $1,000,000,000 aggregate principal amount of the Company’s 7.375% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2055 (the “Junior Subordinated Notes”) covered by the Company’s Registration Statement (the “Registration Statement”) on Form S-3 (File No. 333-277286), including the prospectus constituting a part thereof, dated February 22, 2024, and the final prospectus supplement, dated September 9, 2024 (collectively, the “Prospectus”), filed by the Company with the Securities and Exchange Commission (the “SEC”) under the Securities Act of 1933, as amended (the “Securities Act”).
The Junior Subordinated Notes were issued under the Company’s Subordinated Notes Indenture, dated as of September 11, 2024 (the “Original Indenture”), as amended and supplemented by the First Supplemental Indenture, dated as of September 11, 2024 (the “First Supplemental Indenture”, together with the Original Indenture, the “Indenture”) between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). The forms, terms and other provisions of the Junior Subordinated Notes were established under the First Supplemental Indenture. The Junior Subordinated Notes were sold by the Company pursuant to the Underwriting Agreement, dated September 9, 2024 (the “Underwriting Agreement”), among the Company, Barclays Capital Inc., BofA Securities, Inc., Mizuho Securities USA LLC and Wells Fargo Securities, LLC, as representatives of the several underwriters named therein.
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 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 basis for this opinion letter. We have assumed: (i) the genuineness of all signatures; (ii) the legal capacity of natural persons; (iii) the authenticity of all documents submitted to us as originals and (iv) the conformity to original documents of all documents submitted to us as certified or photostatic copies and the authenticity of the originals of such latter documents. We have also assumed that the Indenture will be the valid and legally binding obligation of the Trustee.
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