.container { padding-left: 12px; padding-right: 12px}@media (min-width: 992px) { .container-wide { max-width:120rem; padding-left: 3rem; padding-right: 3rem }}.site-wrapper { margin-top: 3.5rem; margin-left: 0; margin-right: 0; max-width: none; padding-left: 0; padding-right: 0; overflow-x: hidden}@media (min-width: 992px) { .site-wrapper { margin-top:6.75rem }}.header { padding-top: 0.75rem; position: fixed; z-index: 10; width: 100%; background-color: #fff; top: 0; height: 3.5rem}@media (min-width: 992px) { .header { padding-top:1.5rem; height: 6.75rem }}.header .tva-logo { color: #3f3f3f}.header .header-row { -ms-flex-align: center; align-items: center}@media (min-width: 1200px) { .header .header-row { -ms-flex-align:end; align-items: flex-end }}nav { display: none; background: white; position: fixed; width: 100%; padding-left: 12px; padding-right: 12px; top: 3.5rem; right: 0; box-shadow: 0px 5px 20px -15px rgba(0,0,0,0.5),15px 10px 20px -25px rgba(0,0,0,0.5),-15px 10px 20px -25px rgba(0,0,0,0.5)}nav.active { display: block}nav a,nav a:hover { text-decoration: none}@media (min-width: 768px) { nav { width:70vw; padding-left: 2rem; padding-right: 2rem }}@media (min-width: 992px) { nav { top:6.75rem; width: 40vw }}@media (min-width: 1200px) { nav { display:-ms-flexbox; display: flex; -ms-flex-positive: 1; flex-grow: 1; -ms-flex-negative: 0; flex-shrink: 0; -ms-flex-align: end; align-items: flex-end; margin-bottom: 0.3125rem; box-shadow: none; position: static; width: 100%; padding: 0 } nav.active { display: -ms-flexbox; display: flex }}.nav-control { display: block; border: none; background: none; padding: 0; width: 40px; margin-right: 0.625rem}@media (min-width: 1200px) { .nav-control { display:none }}.nav-control .line { position: relative; width: 40px; height: .2rem; margin-bottom: .4rem; background: #414141}.nav-control .line:last-of-type { margin-bottom: 0}.nav-control.active { padding: 15px 0 1px}.nav-control.active .line:first-child { -webkit-transform: rotate(-45deg); transform: rotate(-45deg)}.nav-control.active .line:last-child { -webkit-transform: rotate(45deg); transform: rotate(45deg); top: -9.5px}.nav-control.active .line:nth-child(2) { display: none}.nav-item-group { position: relative; max-width: 540px; margin-left: auto; margin-right: auto; padding-left: 0.187rem; padding-right: 0.187rem; margin-bottom: 1rem}@media (min-width: 576px) { .nav-item-group { padding-left:12px; padding-right: 12px }}@media (min-width: 768px) { .nav-item-group { max-width:none; padding-left: 0; padding-right: 0; margin-left: 0; margin-right: 0 }}@media (min-width: 1200px) { .nav-item-group { margin-bottom:0; margin-right: 1.1%; margin-left: 1.1% }}.nav-item-group a:hover,.nav-item-group a:focus { color: #717171}.nav-item-group.cat-env a:hover { color: #6A9033}.nav-item-group.cat-energy a:hover { color: #E56027}.nav-item-group.cat-econ a:hover { color: #2C9199}.nav-item-group.cat-about a:hover { color: #447DAE}.nav-item-group.cat-kidswhat a:hover { color: #004b85}.nav-item-group.cat-kidselec a:hover { color: #e43c31}.nav-item-group.cat-kidsenv a:hover { color: #7fbd42}.nav-item-group.cat-kidsriv a:hover { color: #29afca}.nav-item-group.cat-kidshis a:hover { color: #ffc428}.nav-item-group.cat-kidsres a:hover { color: #004b85}.nav-item-group.cat-env a:focus { color: #6A9033}.nav-item-group.cat-energy a:focus { color: #E56027}.nav-item-group.cat-econ a:focus { color: #2C9199}.nav-item-group.cat-about a:focus { color: #447DAE}.nav-item-group.cat-kidswhat a:focus { color: #004b85}.nav-item-group.cat-kidselec a:focus { color: #e43c31}.nav-item-group.cat-kidsenv a:focus { color: #7fbd42}.nav-item-group.cat-kidsriv a:focus { color: #29afca}.nav-item-group.cat-kidshis a:focus { color: #ffc428}.nav-item-group.cat-kidsres a:focus { color: #004b85}.nav-item-group.cat-env .sub-nav-list { border-color: #6A9033}.nav-item-group.cat-energy .sub-nav-list { border-color: #E56027}.nav-item-group.cat-econ .sub-nav-list { border-color: #2C9199}.nav-item-group.cat-about .sub-nav-list { border-color: #447DAE}.nav-item-group.cat-kidswhat .sub-nav-list { border-color: #004b85}.nav-item-group.cat-kidselec .sub-nav-list { border-color: #e43c31}.nav-item-group.cat-kidsenv .sub-nav-list { border-color: #7fbd42}.nav-item-group.cat-kidsriv .sub-nav-list { border-color: #29afca}.nav-item-group.cat-kidshis .sub-nav-list { border-color: #ffc428}.nav-item-group.cat-kidsres .sub-nav-list { border-color: #004b85}.nav-item { font-size: 0.7rem; font-weight: 500; letter-spacing: .126em; text-transform: uppercase; color: #414141; position: relative}.nav-heading { display: inline-block; width: 100%; border: none; cursor: pointer}@media (min-width: 1200px) and (hover: hover) { .nav-heading { display:none }}.nav-heading-link { display: none}@media (min-width: 1200px) and (hover: hover) { .nav-heading-link { display:inline-block }}@media (min-width: 1200px) and (hover: hover) { .nav-item-overview { display:none }}.nav-item-group:focus-within .nav-heading,.nav-item-group:focus-within .nav-heading-link { color: #717171}.nav-item-group:focus-within.cat-env .nav-heading { color: #6A9033}.nav-item-group:focus-within.cat-energy .nav-heading { color: #E56027}.nav-item-group:focus-within.cat-econ .nav-heading { color: #2C9199}.nav-item-group:focus-within.cat-about .nav-heading { color: #447DAE}.nav-item-group:focus-within.cat-kidswhat .nav-heading { color: #004b85}.nav-item-group:focus-within.cat-kidselec .nav-heading { color: #e43c31}.nav-item-group:focus-within.cat-kidsenv .nav-heading { color: #7fbd42}.nav-item-group:focus-within.cat-kidsriv .nav-heading { color: #29afca}.nav-item-group:focus-within.cat-kidshis .nav-heading { color: #ffc428}.nav-item-group:focus-within.cat-kidsres .nav-heading { color: #004b85}.nav-item-group:focus-within.cat-env .nav-heading-link { color: #6A9033}.nav-item-group:focus-within.cat-energy .nav-heading-link { color: #E56027}.nav-item-group:focus-within.cat-econ .nav-heading-link { color: #2C9199}.nav-item-group:focus-within.cat-about .nav-heading-link { color: #447DAE}.nav-item-group:focus-within.cat-kidswhat .nav-heading-link { color: #004b85}.nav-item-group:focus-within.cat-kidselec .nav-heading-link { color: #e43c31}.nav-item-group:focus-within.cat-kidsenv .nav-heading-link { color: #7fbd42}.nav-item-group:focus-within.cat-kidsriv .nav-heading-link { color: #29afca}.nav-item-group:focus-within.cat-kidshis .nav-heading-link { color: #ffc428}.nav-item-group:focus-within.cat-kidsres .nav-heading-link { color: #004b85}.nav-item-group.focus-within .nav-heading,.nav-item-group.focus-within .nav-heading-link,.nav-item-group.active .nav-heading,.nav-item-group.active .nav-heading-link,.nav-item-group:hover .nav-heading,.nav-item-group:hover .nav-heading-link { color: #717171}.nav-item-group.focus-within.cat-env .nav-heading,.nav-item-group.active.cat-env .nav-heading,.nav-item-group:hover.cat-env .nav-heading { color: #6A9033}.nav-item-group.focus-within.cat-energy .nav-heading,.nav-item-group.active.cat-energy .nav-heading,.nav-item-group:hover.cat-energy .nav-heading { color: #E56027}.nav-item-group.focus-within.cat-econ .nav-heading,.nav-item-group.active.cat-econ .nav-heading,.nav-item-group:hover.cat-econ .nav-heading { color: #2C9199}.nav-item-group.focus-within.cat-about .nav-heading,.nav-item-group.active.cat-about .nav-heading,.nav-item-group:hover.cat-about .nav-heading { color: #447DAE}.nav-item-group.focus-within.cat-kidswhat .nav-heading,.nav-item-group.active.cat-kidswhat .nav-heading,.nav-item-group:hover.cat-kidswhat .nav-heading { color: #004b85}.nav-item-group.focus-within.cat-kidselec .nav-heading,.nav-item-group.active.cat-kidselec .nav-heading,.nav-item-group:hover.cat-kidselec .nav-heading { color: #e43c31}.nav-item-group.focus-within.cat-kidsenv .nav-heading,.nav-item-group.active.cat-kidsenv .nav-heading,.nav-item-group:hover.cat-kidsenv .nav-heading { color: #7fbd42}.nav-item-group.focus-within.cat-kidsriv .nav-heading,.nav-item-group.active.cat-kidsriv .nav-heading,.nav-item-group:hover.cat-kidsriv .nav-heading { color: #29afca}.nav-item-group.focus-within.cat-kidshis .nav-heading,.nav-item-group.active.cat-kidshis .nav-heading,.nav-item-group:hover.cat-kidshis .nav-heading { color: #ffc428}.nav-item-group.focus-within.cat-kidsres .nav-heading,.nav-item-group.active.cat-kidsres .nav-heading,.nav-item-group:hover.cat-kidsres .nav-heading { color: #004b85}.nav-item-group.focus-within.cat-env .nav-heading-link,.nav-item-group.active.cat-env .nav-heading-link,.nav-item-group:hover.cat-env .nav-heading-link { color: #6A9033}.nav-item-group.focus-within.cat-energy .nav-heading-link,.nav-item-group.active.cat-energy .nav-heading-link,.nav-item-group:hover.cat-energy .nav-heading-link { color: #E56027}.nav-item-group.focus-within.cat-econ .nav-heading-link,.nav-item-group.active.cat-econ .nav-heading-link,.nav-item-group:hover.cat-econ .nav-heading-link { color: #2C9199}.nav-item-group.focus-within.cat-about .nav-heading-link,.nav-item-group.active.cat-about .nav-heading-link,.nav-item-group:hover.cat-about .nav-heading-link { color: #447DAE}.nav-item-group.focus-within.cat-kidswhat .nav-heading-link,.nav-item-group.active.cat-kidswhat .nav-heading-link,.nav-item-group:hover.cat-kidswhat .nav-heading-link { color: #004b85}.nav-item-group.focus-within.cat-kidselec .nav-heading-link,.nav-item-group.active.cat-kidselec .nav-heading-link,.nav-item-group:hover.cat-kidselec .nav-heading-link { color: #e43c31}.nav-item-group.focus-within.cat-kidsenv .nav-heading-link,.nav-item-group.active.cat-kidsenv .nav-heading-link,.nav-item-group:hover.cat-kidsenv .nav-heading-link { color: #7fbd42}.nav-item-group.focus-within.cat-kidsriv .nav-heading-link,.nav-item-group.active.cat-kidsriv .nav-heading-link,.nav-item-group:hover.cat-kidsriv .nav-heading-link { color: #29afca}.nav-item-group.focus-within.cat-kidshis .nav-heading-link,.nav-item-group.active.cat-kidshis .nav-heading-link,.nav-item-group:hover.cat-kidshis .nav-heading-link { color: #ffc428}.nav-item-group.focus-within.cat-kidsres .nav-heading-link,.nav-item-group.active.cat-kidsres .nav-heading-link,.nav-item-group:hover.cat-kidsres .nav-heading-link { color: #004b85}.sub-nav { background: white; display: -ms-flexbox; display: flex; -ms-flex-direction: row; flex-direction: row; list-style: none; padding: 1rem 1rem 0; position: absolute; clip: rect(1px, 1px, 1px, 1px)}.nav-item-group:focus-within .sub-nav { clip: auto; position: relative}.nav-item-group.focus-within .sub-nav,.nav-item-group.active .sub-nav { clip: auto; position: relative}@media (min-width: 1200px) { .sub-nav { position:absolute; width: 40rem; left: -12.4rem; padding: 3.25rem 1rem 1rem; box-shadow: 0px 5px 20px -15px rgba(0,0,0,0.5),15px 10px 20px -25px rgba(0,0,0,0.5),-15px 10px 20px -25px rgba(0,0,0,0.5) } .sub-nav.sub-nav-align-right { left: auto; right: -1rem } .nav-item-group:focus-within .sub-nav { clip: auto; position: absolute } .nav-item-group.focus-within .sub-nav,.nav-item-group.active .sub-nav,.nav-item-group:hover .sub-nav { clip: auto; position: absolute }}.sub-nav-image { min-height: 13rem; position: relative; -ms-flex-positive: 1; flex-grow: 1; max-width: 10rem; background-size: cover; background-repeat: no-repeat}@media (max-width: 1199.98px) { .sub-nav-image { display:none }}.sub-nav-list { -ms-flex-positive: 1; flex-grow: 1; list-style: none; padding-left: 0; position: relative; margin-bottom: 0}@media (min-width: 1200px) { .sub-nav-list { border-top:5px solid #202020; padding-top: 1rem; margin-left: 1.4rem }}.sub-nav-list .nav-item { color: #414141}.sub-nav-list .nav-item:not(:last-child) { margin-bottom: 1rem}.nav-row-icon { -webkit-transform: rotate(-90deg); transform: rotate(-90deg); position: absolute; right: 13%}@media (min-width: 768px) { .nav-row-icon { right:1rem }}@media (min-width: 992px) { .nav-row-icon { right:3rem }}@media (min-width: 1200px) { .nav-row-icon { display:none }}.nav-row-icon svg * { fill: #414141}.nav-item-group:focus-within .nav-row-icon { -webkit-transform: rotate(0deg); transform: rotate(0deg)}.nav-item-group.focus-within .nav-row-icon,.nav-item-group.active .nav-row-icon { -webkit-transform: rotate(0deg); transform: rotate(0deg)}.search-control { border: none; background: none; padding: 0; display: -ms-flexbox; display: flex}@media (min-width: 1200px) { .search-control { display:none }}.search-form { display: -ms-flexbox; display: flex; margin-bottom: 0.25rem}@media (max-width: 1199.98px) { .search-form { display:none; background: white; position: fixed; top: 6.75rem; right: 0; width: 40vw; padding-top: 1.25rem; padding-right: 1.563rem; padding-bottom: 1.563rem; padding-left: 0.75rem; margin-bottom: 0 } .search-form.active { display: -ms-flexbox; display: flex }}@media (max-width: 991.98px) { .search-form { width:70vw; top: 3.5rem }}@media (max-width: 767.98px) { .search-form { width:100% }}@media (max-width: 1199.98px) { .search-form .form-inline { width:calc((100% - 1.312rem) - 1.125rem) }}.search-form .form-group { width: 100%; display: -ms-flexbox; display: flex; padding: 0; margin: 0}.search-form .form-group input { margin: 0; width: calc(100% - 3.375rem); height: 1.5rem; border: solid 1px #414141; border-right: 0; border-radius: 0; background-color: #ffffff; box-shadow: none; font-size: 0.7rem; font-weight: normal; letter-spacing: 0.41px; line-height: 1}@media (min-width: 992px) { .search-form .form-group input { width:calc(100% - 2.25rem) }}.search-form .form-group input::-webkit-input-placeholder { color: #717171}.search-form .form-group input::-ms-input-placeholder { color: #717171}.search-form .form-group input::placeholder { color: #717171}.search-form .form-group .btn { position: relative; border: 0; padding: 0; margin: 0 !important; width: 3.375rem; min-height: 0; height: 1.5rem; background: #414141; color: white; opacity: 1; font-size: 0.5rem; font-weight: bold; cursor: pointer}@media (min-width: 992px) { .search-form .form-group .btn { font-size:0; width: 2.25rem }}@media (min-width: 992px) { .search-form .form-group .btn::before { content:''; width: 1.813rem; height: 0.813rem; position: absolute; left: 50%; top: 50%; -webkit-transform: translate(-50%, -50%); transform: translate(-50%, -50%); background-image: url("data:image/svg+xml;base64,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"); background-repeat: no-repeat; background-position: center }}.search-form .close-control { border: none; background: none; padding: 0; display: -ms-flexbox; display: flex; margin-right: 1.125rem}@media (min-width: 1200px) { .search-form .close-control { display:none }}.sf-search-results .sf-media-body { margin-bottom: 1.5rem}footer { background-color: #202020; color: white; padding: 2.5rem 0}@media (min-width: 992px) { footer { margin-top:6rem; padding: 5rem 0 }}footer div { color: inherit}footer h3 { letter-spacing: 0.18em; font-size: 0.625rem; font-weight: 300; text-transform: uppercase; border-top: 1px solid white; margin-top: 2.3rem; padding-top: 2px; margin-bottom: 1.6em; line-height: 1.5}@media (min-width: 768px) { footer h3 { border-top:none; padding-top: 0; line-height: 1.3 }}@media (min-width: 992px) { footer h3 { margin-top:0; margin-bottom: 0.8em; font-size: 0.85rem }}footer ul { list-style: none; padding-left: 0}footer ul li { font-size: 0.625rem; line-height: 1.2; text-transform: uppercase; letter-spacing: 0.18em; font-weight: 500; margin-bottom: 1.6em}@media (min-width: 992px) { footer ul li { font-size:0.85rem; margin-bottom: 0.8em }}footer ul li a { color: inherit; line-height: inherit; font-size: inherit; text-decoration: none}footer ul li a:hover { color: inherit}footer .social-icon { padding: 0.25rem}footer .social-icon:hover { text-decoration: none}footer .social-icon img { width: 1.25rem}.tva-logo { display: block}.tva-logo img { width: 7.25rem}@media (min-width: 992px) { .tva-logo img { width:12rem }}.section-hero { display: -ms-flexbox; display: flex; -ms-flex-direction: column; flex-direction: column; -ms-flex-pack: center; justify-content: center; min-height: 125vw; margin-top: 3.5rem; margin-bottom: 3.5rem; background-size: cover; background-position: center; overflow: hidden; position: relative}.section-hero.cat-env .section-hero-overlay:after { background-color: #6A9033}.section-hero.cat-energy .section-hero-overlay:after { background-color: #E56027}.section-hero.cat-econ .section-hero-overlay:after { background-color: #2C9199}.section-hero.cat-about .section-hero-overlay:after { background-color: #447DAE}.section-hero.cat-kidswhat .section-hero-overlay:after { background-color: #004b85}.section-hero.cat-kidselec .section-hero-overlay:after { background-color: #e43c31}.section-hero.cat-kidsenv .section-hero-overlay:after { background-color: #7fbd42}.section-hero.cat-kidsriv .section-hero-overlay:after { background-color: #29afca}.section-hero.cat-kidshis .section-hero-overlay:after { background-color: #ffc428}.section-hero.cat-kidsres .section-hero-overlay:after { background-color: #004b85}@media (min-width: 576px) { .section-hero { min-height:55vw; margin-top: 2.75rem; margin-bottom: 2.75rem; padding: 4rem 1.5rem 2rem }}@media (min-width: 1200px) { .section-hero { min-height:40vw; margin-top: 3rem; margin-bottom: 3rem }}.section-hero .section-hero-overlay { display: inline-block}.section-hero .section-hero-overlay::after { width: 100vw; height: 800px; -webkit-transform: translate(0, -50%); transform: translate(0, -50%); position: absolute; content: ''; top: 50%; left: 0; mix-blend-mode: multiply}@media (min-width: 768px) { .section-hero .section-hero-overlay { position:relative } .section-hero .section-hero-overlay::after { -webkit-transform: translate(0, -50%) skew(-20deg); transform: translate(0, -50%) skew(-20deg); right: -100px; left: auto }}.section-hero a { text-decoration: none}.section-hero a:hover { text-decoration: none}.section-hero h3 { color: white; font-size: 3.7rem; letter-spacing: -0.03em; font-weight: 700; line-height: 0.85; display: inline-block; margin-bottom: 0.15em; position: relative; z-index: 1}@media (min-width: 768px) { .section-hero h3 { font-size:5.5rem }}@media (min-width: 1200px) { .section-hero h3 { font-size:9rem }}.section-hero p { color: white; width: 15rem; font-size: 1.2rem; letter-spacing: 0.015em; font-weight: 400; line-height: 1.15; position: relative; z-index: 1}@media (min-width: 1200px) { .section-hero p { font-size:1.7rem; width: 20rem }}.slick-arrow { font-size: 0; line-height: 0; position: absolute; display: block; width: 20px; height: 20px; padding: 0; cursor: pointer; color: transparent; border: none; outline: none; background: transparent; z-index: 1}.slick-arrow::before { display: inline-block; width: 0.875rem}.slick-dots { position: absolute; display: block; width: 100%; padding: 0; margin: 0; list-style: none; text-align: center}.slick-dots li { position: relative; display: inline-block; width: 20px; height: 20px; padding: 0; margin: 0 2px; cursor: pointer}.slick-dots li button { font-size: 0; line-height: 0; display: block; width: 20px; height: 20px; padding: 5px; cursor: pointer; color: transparent; border: 0; outline: none; background: transparent}.slick-dots li button::before { font-size: 40px; line-height: 20px; position: absolute; top: 0; left: 0; width: 20px; height: 20px; content: "•"; text-align: center; -webkit-font-smoothing: antialiased; -moz-osx-font-smoothing: grayscale}.hero-carousel { margin-bottom: 0.75rem}.hero-carousel .slick-slider.slick-dotted { margin-bottom: 0}.hero-carousel .slick-dots { bottom: 10px}@media (min-width: 768px) { .hero-carousel .slick-dots { bottom:20px }}.hero-carousel .slick-dots li button::before { color: #f8f8f8; opacity: 0.65}.hero-carousel .slick-dots li.slick-active button::before { color: #f8f8f8; opacity: 1}.hero-carousel .slick-track { display: -ms-flexbox; display: flex}.hero-carousel .slick-slide { height: auto}.hero-carousel .slick-slide:not(.slick-current) { cursor: pointer}.hero-carousel .slick-slide:focus { outline: 0 !important}.hero-carousel .section-hero { margin-top: 0; margin-bottom: 0; height: 100%}@media (min-width: 768px) { .hero-carousel .section-hero { border-left:6px solid white; border-right: 6px solid white }}.hero-carousel-inner div:not(:first-child) { display: none}.hero-carousel-inner.slick-initialized div:not(:first-child) { display: block}.resources-carousel { margin-bottom: 10rem; margin-top: 3.5rem}@media (min-width: 768px) { .resources-carousel { margin-top:2.75rem }}@media (min-width: 1200px) { .resources-carousel { margin-top:3rem }}.resources-carousel h2 { font-size: 1.75rem; font-weight: 500; line-height: 1; width: 7em; border: none; margin-top: 0; padding-top: 0; margin-bottom: 2rem}@media (min-width: 992px) { .resources-carousel h2 { font-size:2.15rem }}.resources-carousel .slick-dots { bottom: -5rem}.resources-carousel .slick-dots li button::before { color: #9f9f9f; opacity: 1}.resources-carousel .slick-dots li.slick-active button::before { color: #414141; opacity: 1}.resources-carousel .slick-arrow { bottom: -5rem}.resources-carousel .slick-prev { left: 0}.resources-carousel .slick-prev::before { content: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 10 14'%3E%3Cpath d='M10 0L0 7l10 7v-3.4310306L4.90071577 7 10 3.42944507z' fill='%23414141' fill-rule='nonzero'/%3E%3C/svg%3E%0A")}.resources-carousel .slick-next { right: 0}.resources-carousel .slick-next::before { content: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 7 10'%3E%3Cpath d='M0 0l6.97451995 4.88216397L0 9.76432793V7.37134881l3.55650596-2.48918484L0 2.39187331z' fill='%23414141' fill-rule='nonzero'/%3E%3C/svg%3E%0A")}.resources-carousel-inner { display: none}.resources-carousel-inner.slick-initialized { display: block}.resources-carousel-item { margin-left: 5px; margin-right: 5px}.resources-carousel-item img { width: 100%}.resources-carousel-item a { display: block; text-decoration: none; margin-top: 2.5rem}.resources-carousel-item a::before { border-top: 5px solid; content: ""; display: block; -webkit-transform-origin: top; transform-origin: top; transition: -webkit-transform 0.2s; transition: transform 0.2s; transition: transform 0.2s, -webkit-transform 0.2s}.resources-carousel-item a:hover,.resources-carousel-item a:focus { color: #717171}.resources-carousel-item a:hover::before,.resources-carousel-item a:focus::before { -webkit-transform: scaleY(1.8); transform: scaleY(1.8)}.resources-carousel-item h3 { font-size: 1.75rem; font-weight: 500; line-height: 1; margin-top: 0; margin-bottom: 0; padding-top: 0.25em; padding-bottom: 0.25em}@media (min-width: 992px) { .resources-carousel-item h3 { font-size:2.15rem }}.resources-carousel-item.cat-env a::before { border-color: #6A9033}.resources-carousel-item.cat-energy a::before { border-color: #E56027}.resources-carousel-item.cat-econ a::before { border-color: #2C9199}.resources-carousel-item.cat-about a::before { border-color: #447DAE}.resources-carousel-item.cat-kidswhat a::before { border-color: #004b85}.resources-carousel-item.cat-kidselec a::before { border-color: #e43c31}.resources-carousel-item.cat-kidsenv a::before { border-color: #7fbd42}.resources-carousel-item.cat-kidsriv a::before { border-color: #29afca}.resources-carousel-item.cat-kidshis a::before { border-color: #ffc428}.resources-carousel-item.cat-kidsres a::before { border-color: #004b85}.home-content,.home-resources { margin-bottom: 2rem}.home-content h3,.home-content h4,.home-resources h3,.home-resources h4 { font-size: 1.75rem; font-weight: 500; line-height: 1; margin-top: 0; margin-bottom: 0; padding-top: 0.25em; padding-bottom: 0.25em}@media (min-width: 992px) { .home-content h3,.home-content h4,.home-resources h3,.home-resources h4 { font-size:2.15rem }}.home-content.cat-env a::before { border-color: #6A9033}.home-content.cat-energy a::before { border-color: #E56027}.home-content.cat-econ a::before { border-color: #2C9199}.home-content.cat-about a::before { border-color: #447DAE}.home-content.cat-kidswhat a::before { border-color: #004b85}.home-content.cat-kidselec a::before { border-color: #e43c31}.home-content.cat-kidsenv a::before { border-color: #7fbd42}.home-content.cat-kidsriv a::before { border-color: #29afca}.home-content.cat-kidshis a::before { border-color: #ffc428}.home-content.cat-kidsres a::before { border-color: #004b85}@media (min-width: 992px) { .home-content { min-height:13rem }}.home-content a { display: block; text-decoration: none}.home-content a::before { border-top: 5px solid; content: ''; display: block; -webkit-transform-origin: top; transform-origin: top; transition: -webkit-transform 0.2s; transition: transform 0.2s; transition: transform 0.2s, -webkit-transform 0.2s}.home-content a:hover,.home-content a:focus { color: #717171}.home-content a:hover::before,.home-content a:focus::before { -webkit-transform: scaleY(1.8); transform: scaleY(1.8)}.home-content p { max-width: 16.7em; letter-spacing: 0.03em; font-weight: 400}@media (min-width: 992px) { .home-content p { margin-right:1em }}.home-resources h4 { margin-bottom: 1rem; border-top: 5px solid}.home-resources.cat-env h4 { border-color: #6A9033}.home-resources.cat-energy h4 { border-color: #E56027}.home-resources.cat-econ h4 { border-color: #2C9199}.home-resources.cat-about h4 { border-color: #447DAE}.home-resources.cat-kidswhat h4 { border-color: #004b85}.home-resources.cat-kidselec h4 { border-color: #e43c31}.home-resources.cat-kidsenv h4 { border-color: #7fbd42}.home-resources.cat-kidsriv h4 { border-color: #29afca}.home-resources.cat-kidshis h4 { border-color: #ffc428}.home-resources.cat-kidsres h4 { border-color: #004b85}.home-resources p { font-weight: 500; margin-bottom: 0.75em}@media (min-width: 992px) { .home-resources p { font-size:1.2rem }}.home-resources a { display: block; text-decoration: none}.home-resources a::after { content: '\2060'; background-image: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 7 10'%3E%3Cpath d='M0 0l6.97451995 4.88216397L0 9.76432793V7.37134881l3.55650596-2.48918484L0 2.39187331z' fill='%23000' fill-rule='nonzero'/%3E%3C/svg%3E%0A"); padding-left: 0.5em; margin-left: 0.75em; background-repeat: no-repeat; background-size: contain; background-position: center; vertical-align: middle}.home-resources a:hover,.home-resources a:focus { color: #717171}.home-resources a:hover::after,.home-resources a:focus::after { background-image: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 7 10'%3E%3Cpath d='M0 0l6.97451995 4.88216397L0 9.76432793V7.37134881l3.55650596-2.48918484L0 2.39187331z' fill='%23717171' fill-rule='nonzero'/%3E%3C/svg%3E%0A")}.bg-img-block { padding: 4.5rem 0; background-size: cover; background-position: left center; margin-bottom: 0.75rem}@media (min-width: 992px) { .bg-img-block { padding:3.4rem 0.5rem; min-height: 18.6rem; height: 100% }}.bg-img-block h3 { font-size: 1.375rem; font-weight: 700; line-height: 1; margin-bottom: 0.75em; color: white}@media (min-width: 992px) { .bg-img-block h3 { font-size:2.1rem; min-height: 2em; max-width: 50%; margin-bottom: 1.5em }}.bg-img-block p { font-weight: 500; max-width: 10rem; color: white}@media (min-width: 992px) { .bg-img-block p { font-size:1.3rem }}.bg-img-block a { display: block; text-decoration: none}.bg-img-block a::after { content: '\2060'; background-image: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 7 10'%3E%3Cpath d='M0 0l6.97451995 4.88216397L0 9.76432793V7.37134881l3.55650596-2.48918484L0 2.39187331z' fill='%23fff' fill-rule='nonzero'/%3E%3C/svg%3E%0A"); padding-left: 0.5em; margin-left: 0.75em; background-repeat: no-repeat; background-size: contain; background-position: center; vertical-align: middle}.bg-img-block a:hover,.bg-img-block a:focus { color: #ddd}.bg-img-block a:hover::after,.bg-img-block a:focus::after { background-image: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' viewBox='0 0 7 10'%3E%3Cpath d='M0 0l6.97451995 4.88216397L0 9.76432793V7.37134881l3.55650596-2.48918484L0 2.39187331z' fill='%23ddd' fill-rule='nonzero'/%3E%3C/svg%3E%0A")}[class*="hover-swap-img"] { display: none}[class*="hover-swap-img"]:first-child { display: block}[class*="hover-swap-area"] { position: relative}@media (max-width: 767.98px) { [class*="hover-swap-area"] { display:none }}[class*="hover-swap-area"] [class*="hover-swap-img"] { display: block; position: absolute; top: 0; left: 0}[class*="hover-swap-area"] [class*="hover-swap-img"]:first-child { z-index: 1; position: relative}[class*="hover-swap-area"] [class*="hover-swap-img"].active { z-index: 2}.breadcrumb { padding: 0; text-transform: uppercase; font-weight: 500; font-size: 0.75rem; letter-spacing: 0.125em; margin-bottom: 1.5rem}.breadcrumb::before { content: 'You are here: '; padding-right: 0.5rem}.breadcrumb li,.breadcrumb li a,.breadcrumb li.active { font-size: inherit; color: inherit; line-height: inherit}.breadcrumb a { text-decoration: none}.breadcrumb a:hover,.breadcrumb a:focus { text-decoration: underline}.lead { border-top: 5px solid; font-size: 1.25rem; font-weight: 500; line-height: 1.5; padding-top: 0.5rem; margin-bottom: 1rem}.page-category-env .lead { border-color: #6a9033}.page-category-energy .lead { border-color: #e56027}.page-category-econ .lead { border-color: #2c9199}.page-category-about .lead { border-color: #447dae}.page-category-kidswhat .lead { border-color: #004b85}.page-category-kidselec .lead { border-color: #e43c31}.page-category-kidsenv .lead { border-color: #7fbd42}.page-category-kidsriv .lead { border-color: #29afca}.page-category-kidshis .lead { border-color: #ffc428}.page-category-kidsres .lead { border-color: #004b85}.card .card-img-top { border-radius: 0}.card .card-body { padding-left: 0; padding-right: 0}.card .card-body .card-title { font-size: 2.15rem; font-weight: 500; line-height: 1; color: inherit; margin-top: 1rem; padding-top: 0.25em; margin-bottom: 0.25em; border-top: 5px solid}.page-category-env .card .card-body .card-title { border-color: #6a9033}.page-category-energy .card .card-body .card-title { border-color: #e56027}.page-category-econ .card .card-body .card-title { border-color: #2c9199}.page-category-about .card .card-body .card-title { border-color: #447dae}.page-category-kidswhat .card .card-body .card-title { border-color: #004b85}.page-category-kidselec .card .card-body .card-title { border-color: #e43c31}.page-category-kidsenv .card .card-body .card-title { border-color: #7fbd42}.page-category-kidsriv .card .card-body .card-title { border-color: #29afca}.page-category-kidshis .card .card-body .card-title { border-color: #ffc428}.page-category-kidsres .card .card-body .card-title { border-color: #004b85}.card .card-body a.btn.btn-primary { color: inherit; font-weight: 400; text-transform: none; letter-spacing: 0.02em; display: inline; font-size: inherit}.form-control { border: 1px solid black; border-radius: 0; text-transform: uppercase; font-size: 0.75rem; font-weight: 500; letter-spacing: 0.125em; height: 2.5rem; box-shadow: none}.btn { background-color: transparent; border-radius: 0; text-transform: uppercase; font-size: 0.75rem; font-weight: 500; letter-spacing: 0.125em; min-height: 2.5rem; padding: 0.6rem 2.5rem}.btn.btn-primary { color: black; background-color: white; border: 1px solid black}.btn.btn-link { color: inherit}.main-body .col,.main-body [class*="col-"] { margin-bottom: 3.5rem}.main-body h2:not(:first-child) { margin-top: 3.5rem}.main-body h3:not(:first-child),.main-body h4:not(:first-child),.main-body h5:not(:first-child),.main-body h6:not(:first-child) { margin-top: 2.5rem}.sidebar h3 { border-top: 1px solid; padding-top: 0.2em}.page-category-env .sidebar h3 { border-color: #6a9033}.page-category-energy .sidebar h3 { border-color: #e56027}.page-category-econ .sidebar h3 { border-color: #2c9199}.page-category-about .sidebar h3 { border-color: #447dae}.page-category-kidswhat .sidebar h3 { border-color: #004b85}.page-category-kidselec .sidebar h3 { border-color: #e43c31}.page-category-kidsenv .sidebar h3 { border-color: #7fbd42}.page-category-kidsriv .sidebar h3 { border-color: #29afca}.page-category-kidshis .sidebar h3 { border-color: #ffc428}.page-category-kidsres .sidebar h3 { border-color: #004b85}.sidebar h2,.sidebar h3,.sidebar h4,.sidebar h5,.sidebar h6 { margin-top: 2.5rem}.sidebar>div:first-child h2:first-child,.sidebar>div:first-child h3:first-child,.sidebar>div:first-child h4:first-child,.sidebar>div:first-child h5:first-child,.sidebar>div:first-child h6:first-child { margin-top: 0}.main-body+.sidebar { padding-left: 0}#mc_embed_signup { margin-bottom: 2.5rem}#mce-EMAIL { border: none; box-shadow: none; border-bottom: 1px solid black; border-radius: 0; padding: 0; width: 100%; height: auto}#mc-embedded-subscribe { border: none; background: none; color: black; font-weight: 500; padding: 0}.table { margin-top: 1.5rem; margin-bottom: 1.5rem}.table td,.table th { padding: 1rem; border: none}.table td:first-child,.table th:first-child { padding-left: 0.4rem}.table td:last-child,.table th:last-child { padding-right: 0.4rem}.table thead th { vertical-align: top; border: none; font-size: 1.25rem; height: 5.75rem}.table th { border-top: 1px solid}.page-category-env .table th { border-color: #6a9033}.page-category-energy .table th { border-color: #e56027}.page-category-econ .table th { border-color: #2c9199}.page-category-about .table th { border-color: #447dae}.page-category-kidswhat .table th { border-color: #004b85}.page-category-kidselec .table th { border-color: #e43c31}.page-category-kidsenv .table th { border-color: #7fbd42}.page-category-kidsriv .table th { border-color: #29afca}.page-category-kidshis .table th { border-color: #ffc428}.page-category-kidsres .table th { border-color: #004b85}.table tbody tr { height: 4.25rem}.table tr { border-top: 1px solid}.page-category-env .table tr { border-color: rgba(106,144,51,0.5)}.page-category-energy .table tr { border-color: rgba(229,96,39,0.5)}.page-category-econ .table tr { border-color: rgba(44,145,153,0.5)}.page-category-about .table tr { border-color: rgba(68,125,174,0.5)}.page-category-kidswhat .table tr { border-color: rgba(0,75,133,0.5)}.page-category-kidselec .table tr { border-color: rgba(228,60,49,0.5)}.page-category-kidsenv .table tr { border-color: rgba(127,189,66,0.5)}.page-category-kidsriv .table tr { border-color: rgba(41,175,202,0.5)}.page-category-kidshis .table tr { border-color: rgba(255,196,40,0.5)}.page-category-kidsres .table tr { border-color: rgba(0,75,133,0.5)}.table-striped tbody tr { border: none}.page-category-env .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(106,144,51,0.27)}.page-category-energy .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(229,96,39,0.27)}.page-category-econ .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(44,145,153,0.27)}.page-category-about .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(68,125,174,0.27)}.page-category-kidswhat .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(0,75,133,0.27)}.page-category-kidselec .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(228,60,49,0.27)}.page-category-kidsenv .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(127,189,66,0.27)}.page-category-kidsriv .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(41,175,202,0.27)}.page-category-kidshis .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(255,196,40,0.27)}.page-category-kidsres .table-striped tbody tr:nth-of-type(2n+1) { background-color: rgba(0,75,133,0.27)}.accordion { margin-top: 2rem; margin-bottom: 2rem}.accordion h2 { font-size: 1.25rem; border-top: 0; padding-top: 0}.accordion .btn { position: relative; width: 100%; text-align: left; padding: 0; text-transform: none; font-size: inherit; font-weight: inherit; letter-spacing: inherit; min-height: 0}.accordion .btn.btn-link::after { content: ''; position: absolute; right: 0; top: 50%; -webkit-transform: translateY(-50%) rotate(-178deg); transform: translateY(-50%) rotate(-178deg); width: 10px; height: 10px; background-image: url("data:image/svg+xml,%3Csvg xmlns='http://www.w3.org/2000/svg' width='20px' height='20px' viewBox='0 0 7 6'%3E%3Cg id='Page-1' stroke='none' stroke-width='1' fill='none' fill-rule='evenodd' %3E%3Cg id='Mobile-Copy-2' transform='translate(-300.000000, -84.000000)' fill='%23414141' fill-rule='nonzero' %3E%3Cg id='Nav2_2' transform='translate(0.000000, 56.000000)' %3E%3Cpolygon id='Path' transform='translate(303.500000, 31.000000) scale(-1, 1) rotate(90.000000) translate(-303.500000, -31.000000) ' points='301 28 306 31 301 34 301 32.5295583 303.549642 31 301 29.4697622' %3E%3C/polygon%3E%3C/g%3E%3C/g%3E%3C/g%3E%3C/svg%3E"); background-size: 10px 10px; background-repeat: no-repeat; background-position: center}.accordion .btn.collapsed::after { content: ''; -webkit-transform: translateY(-50%) rotate(0deg); transform: translateY(-50%) rotate(0deg)}.accordion .card .card-body { padding-left: 1.25rem; padding-right: 1.25rem}.accordion .card .card-body p { margin-bottom: 1rem}.page-category-env .kids-title { color: #6a9033}.page-category-energy .kids-title { color: #e56027}.page-category-econ .kids-title { color: #2c9199}.page-category-about .kids-title { color: #447dae}.page-category-kidswhat .kids-title { color: #004b85}.page-category-kidselec .kids-title { color: #e43c31}.page-category-kidsenv .kids-title { color: #7fbd42}.page-category-kidsriv .kids-title { color: #29afca}.page-category-kidshis .kids-title { color: #ffc428}.page-category-kidsres .kids-title { color: #004b85}.full-bleed { width: 100vw; max-width: none; margin-left: -12px}@media (min-width: 576px) { .full-bleed { margin-left:calc(-50vw + 270px - 12px) }}@media (min-width: 768px) { .full-bleed { margin-left:calc(-50vw + 360px - 12px) }}@media (min-width: 992px) { .full-bleed { margin-left:calc(-50vw + 480px - 12px) }}@media (min-width: 1200px) { .full-bleed { margin-left:calc(-50vw + 570px - 12px) }}.full-bleed-left { max-width: none}@media (min-width: 768px) { .full-bleed-left { 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TVA Launches Inaugural Green Bond Offering, Sets Interest Rate Record

Sep 13, 2021

Contact: TVA Public RelationsTVA Public Relations

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Release Summary

  • TVA’s first green bond offering sets a TVA record for the lowest 10-year interest rate.
  • Proceeds from the sale will fund TVA’s capital investment in renewable energy projects, battery storage, development of advanced clean energy technologies, and transmission system enhancements..
  • Similar financial instruments developed under TVA’s Sustainable Financing Framework will support the implementation of TVA’s aspirational goal of net-zero carbon emissions by 2050.

KNOXVILLE, Tenn. ― The Tennessee Valley Authority announced and priced a $500 million offering of 10-year maturity green bonds today. It's the first offering of a sustainability-focused financial instrument.

Based on TVA’s recently released Sustainable Financing Framework, the bonds will fund ongoing capital investments that build on TVA’s industry-leading Environment, Social and Governance successes and support meeting the goals of TVA’s Strategic Intent and Guiding Principles endorsed by the Board of Directors in May 2021.

A key intent of that document is to aggressively move TVA toward a sustainable, net-zero carbon energy future by 2050 while maintaining low costs and reliability.

“TVA’s financial position has strengthened over the past decade, and we are continuing our disciplined financial approach as we invest in the energy system of the future,” said John Thomas, TVA Chief Financial & Strategy Officer.  “Low-cost financing for our strategic capital investments will contribute to keeping energy rates as low as feasible even as we make progress toward our net-zero carbon aspirational goal.”

The bonds carry a coupon interest rate of 1.500%, which sets a record for the lowest rate ever achieved by TVA on a 10-year financing.  TVA’s previous record on a 10-year maturity was set in 2012, with a rate of 1.875%.  The record low rate on the bonds will save TVA over $15 million in annual interest expense compared to bonds that matured earlier in 2021.

Proceeds from the sale will be used to fund TVA’s upcoming significant capital investments for increased renewable energy generation, energy storage, transmission system upgrades, and the development of advanced clean energy technologies. A potential TVA solar project in northern Alabama and a potential TVA energy storage project in eastern Tennessee – both still undergoing detailed environmental reviews – are two possible uses of the funding. As part of the green bond format, TVA expects to report on the allocations of net proceeds of the bonds annually until the proceeds are fully allocated. 

“TVA’s first green bond is a milestone for our financing program,” said Tammy Wilson, TVA Treasurer, and Chief Risk Officer. “Today’s record-setting transaction demonstrates that the financial community is focused on investments in cleaner energy and supportive of TVA’s sustainability goals.”

TVA’s green bond offering drew over $2 billion in initial orders from a variety of investors, including money managers, state governments, insurance companies, and others.  Bank of America Securities served as Green Structuring Agent for the transaction, and joint book-running manager.  Barclays, Morgan Stanley, RBC Capital Markets, and TD Securities, also served as joint book-running managers for the transaction.

The new bonds will mature on Sept. 15, 2031, and are not subject to redemption prior to maturity. Interest will be paid semi-annually each March 15 and Sept. 15. Application has been made to list the bonds on the New York Stock Exchange. The bonds will be issued, maintained, and transferred through the book-entry system of the Federal Reserve Banks. Transactions may be cleared and settled by international participants through Clearstream and Euroclear. The bonds can be identified by the CUSIP number 880591EX6 (ISIN number US880591EX64).

The terms of the bonds are consistent with TVA’s Sustainable Financing Framework, which outlines the categories of strategic capital projects where the proceeds may be allocated, including renewables, energy storage, energy efficiency, transmission investments that support TVA’s clean energy goals, and research and development expenditures related to other categories identified in the framework.

TVA obtained a second-party opinion on its framework from global analytical firm Sustainalytics, which concluded that TVA’s Sustainable Financing Framework is credible, impactful, and aligned with relevant sustainability and green bond standards and principles. The Sustainalytics opinion and other details can be accessed from the ESG Information for Investors section of TVA’s Investor Relations website at tva.com/investors or directly by clicking here.

The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power companies, serving nearly 10 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system, and assists local power companies and state and local governments with economic development and job creation. 

Contact

TVA Public Relations
[email protected]
865-632-6000

TVA Public Relations
[email protected]
865-632-6000

TVA Media Line

Our media staff is available 24 hours a day. If you cannot reach the contact above, please call our media line at 865-632-6000.