Bruce Power has issued $600 million in Green Bonds as it continues to help the province and country achieve their Net Zero goals through clean-energy projects.
This latest issuance comes after Bruce Power became the first nuclear operator in the world to successfully issue Green Bonds in 2021, raising $500 million. This was invested in accordance with Bruce Power’s Green Financing Framework to finance or re-finance eligible investments associated with life extension and increasing output of existing units, both of which contribute to Canada’s prosperous, clean energy future, and advance its climate change objectives.
Nuclear technology plays a critical role in fighting climate change and enabling a Net Zero future by producing emissions-free power.
“Clean nuclear energy from the Bruce Power site plays a major role in making Ontario’s electricity system one of the cleanest in the world,” said Hon. Todd Smith, Minister of Energy. “I commend Bruce Power for the delivery of its Major Component Replacement Program, which is increasing the amount of clean power it produces, helping the province power our growing economy.”
Bruce Power has a track record of delivering emission-reduction projects and is a leader in environmental stewardship. This includes contributing to Ontario’s coal phase-out in 2014, Bruce Power’s commitment to be Net Zero by 2027 in support of a Net Zero Ontario and Canada by 2050, and the launch of Bruce Power Net Zero Inc. Bruce Power has done all this while progressing one of Canada’s largest infrastructure projects with its decades-long Life-Extension Program, as well as supporting many other environmental and sustainability initiatives across the province.
“It has become more clear that there is no path to Net Zero without large-scale nuclear, here and around the world,” said Mike Rencheck, Bruce Power’s President and Chief Executive Officer. “Ontario has established itself as a world leader in the production of clean energy and clean energy projects such as our Major Component Replacement, which is part of our Life-Extension Program that will see Bruce Power continue to provide clean energy and medical isotopes to people, businesses and hospitals for decades to come, while also stimulating the economy.”
“Bruce Power’s Green Bonds allow investors to participate in climate-friendly critical power infrastructure investment to extend the life of the Bruce Power site,” said Kevin Kelly, Bruce Power’s Chief Financial Officer and Executive Vice President, Finance and Business Development. “We remain steadfast in our commitment to see Bruce Power provide low-cost, emissions-free power to the Ontario supply mix through 2064 and beyond.”
Bruce Power has been recognized as a top performer in minimizing its impact on the environment and ethical impacts of its business. The company was named as a top-rated company for Environmental, Social and Governance (ESG) Risk Rating by the third-party ESG rating agency Morningstar Sustainalytics, which included more than 15,000 companies across 42 industries. Bruce Power was included on the 2023 list as ESG Industry Top Rated and ESG Regional Top Rated. These accolades come as Bruce Power continues to see year-over-year improvements after achieving its lowest risk rating of 12.9 in 2022 to rank in the Top 3 within is sub-industry on a global scale and the top three per cent in the utilities industry.
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable nuclear power to families and businesses across the province and life-saving medical isotopes around the world. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers’ Union and The Society of United Professionals. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram and YouTube.