​Bruce Power announces additional $950-million in Green Bonds as it powers Ontario’s clean energy future

Bruce Power has announced it will issue an additional $950-million in Green Bonds as it continues to power Ontario forward through operations and projects that drive the economy.

The company priced an offering of Green Bonds on a private placement basis in each of the provinces of Canada and the closing of the offering took place Dec. 8.

Since becoming the first nuclear operator in the world to issue Green Bonds in 2021, Bruce Power now has cumulatively issued $3.3-billion in Green Bonds through five offerings.

In January of 2024, Ontario released its new Sustainable Bond Framework which included nuclear for the first time, specifying that measures supporting the deployment of nuclear energy to generate electricity and/or heat as eligible under the Clean Energy category, advancing sustainable finance to support projects in the province that are contributing to a sustainable future.

“Bruce Power’s latest Green Bond issuance is another strong vote of confidence in Ontario’s clean energy advantage,” said Ontario energy minister Stephen Lecce. “As our government doubles down on nuclear expansion, we’re attracting major investment and confidence in our clean energy future. We are proud to work with Bruce Power to strengthen the infrastructure that powers our communities, supports good-paying jobs, and keeps costs down for families.”

“Bruce Power is committed to nuclear’s role in a clean energy future and Canada’s energy independence,” said Kevin Kelly, Bruce Power’s executive vice-president and chief financial officer. “Our Green Bonds allow investors to participate in one of Canada’s largest clean-energy infrastructure investments with Bruce Power’s Life Extension Program and other projects, allowing us to provide non-greenhouse-gas-emitting electricity to Ontario for decades to come.”

In November of 2023, Bruce Power updated its Green Financing Framework, and S&P Global Ratings assessed the Framework as ‘Medium Green’ on a scale of Light, Medium and Dark. S&P Global Ratings indicated that the framework is aligned with the Green Bond Principles and the Green Loan Principles.

Bruce Power has a strong track record of delivering clean energy projects, including its Major Component Replacement (MCR) project, which will see Units 3-8 refurbished by 2033. A renewed Unit 6 was successfully returned to service in 2023, ahead of schedule and budget, with Unit 3 and Unit 4 MCR outages remaining on track. The company was a major contributor to Ontario’s coal phase-out in 2014 and supports many other environmental and sustainability initiatives across the province.

The company strives to advance its sustainability goals and further its position in minimizing the environmental impacts and upholding strong business ethics.

The Green Bonds are being offered in each of the provinces of Canada by a syndicate of agents led by BMO Capital Markets, RBC Capital Markets, and TD Securities, which includes Scotia Capital, CIBC World Markets and National Bank Capital Markets.