San Francisco Public Utilities Commission




San Francisco Public Utilities Commission provides retail drinking water & wastewater services to the City of San Francisco, wholesale water to three Bay Area counties, green hydroelectric & solar power to Hetch Hetchy electricity customers, and power to the residents & businesses of San Francisco through the CleanPowerSF program.

They are comprised of three essential 24/7 service utilities: Water, Wastewater and Power. Their annual operating budget is over USD $1 billion.

In a world first, the San Francisco Public Utilities Commission (SFPUC) has issued a Water Infrastructure Bond certified under the Climate Bonds Standard.

Proceeds from the bond in May 2016 will fund eligible projects in sustainable storm water management and wastewater projects included in the Sewer System Improvement Program (SSIP) Phase 1.

Proceeds from the bonds in December 2016 and December 2017 will fund the Water System Improvement Program (WSIP), a $4.8 billion dollar, multi-year capital program to upgrade regional and local water systems. This is one of the largest water infrastructure projects in US.

Issue Month

Name of Bond



Sector Criteria

Verifier's Report

Ongoing Compliance Reports Further information
May 2016 Wastewater Series 2016 A Certified Climate Bond USD 240m San Francisco Water Sustainalytics pre issue report

2016 Annual Report

2017 Annual Report

Press Release

SF Water Green Bond website

Green Bond Framework and Second Party Opinion by Sustainalytics

December 2016 Water Series 2016 C Certified Climate Bond USD 259m San Francisco Water Sustainalytics pre issuance report 2017 Annual Report  
December 2017 Water Revenue Refunding 2017 Series D and Series G USD 121m San Francisco Water Sustainalytics    
December 2017 Water Revenue Bond 2017 Series A USD 384.5m San Francisco Water Sustainalytics    
August 2018

Wastewater Series 2018

A and C

USD 408m San Francisco Water Sustainalytics    


Note: Programmatic Issuance starting from the Water Series 2016 C bond in December 2016; subsequent bonds use this same report also.