Bruce Power receives medium green assessment for updated Green Financing Framework

Bruce Power has released an updated Green Financing Framework to help the province and country achieve Net Zero goals through investment in clean-energy projects.

Bruce Power’s Green Financing Framework will guide future issuances of green bonds for eligible investments associated with the company’s Life-Extension Program, increasing the output of the existing units and potential investments in new installations to produce electricity that displaces other carbon-emitting electricity generators, contributing to Canada’s prosperous, clean-energy future and advancing its climate-change objectives.

The updated framework follows news that Canada’s Department of Finance has updated the federal Green Bond Framework to include nuclear technologies as eligible green expenditure. This change is a positive step forward in aligning Canada’s climate and environmental priorities, supporting nuclear investment as a vital part of Canada’s clean-energy future.

“Bruce Power’s green bonds allow investors to participate in climate-friendly critical power infrastructure investment to extend the life and increase output at the Bruce Power site. The success of this initiative speaks to the support of nuclear as a technology to fight climate change and ultimately move toward a Net Zero future”, said Kevin Kelly, Chief Financial Officer and Executive Vice-President, Finance. “Bruce Power is proud to be a part of Ontario’s clean-energy future and the investment in our nuclear units to provide low-cost, emissions-free power through 2064 in support of the long-term solution to fighting climate change.”

Bruce Power has issued more than $1 billion in green bonds since the program began in 2021, when Bruce Power achieved the first issuance of green bonds in the nuclear industry. The inaugural $500 million bond issuance, completed in November of 2021, was followed by a second issuance of $600 million in March of 2023. 

These green bond issuances have been made possible by Bruce Power’s track record of delivering clean, emission-reduction projects and its leadership in environmental stewardship.

The Framework received a Second Party Opinion from S&P Global Ratings, a leading provider of second party opinions on green financings, under the Shades of Green analytical approach, formerly part of CICERO Shades of Green. 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 issued by the International Capital Markets Association (ICMA), 2021 (with June 2022 Appendix 1) and the Green Loan Principles issued by the Loan Market Association (LMA), the Loan Syndications and Trading Association (LSTA) and the Asia Pacific Loan Market Association (APLMA). BMO and TD acted as Co-Lead Green Structuring Agent for the initial 2021 Framework; BMO, Scotiabank, and TD acted as Co-Green Structuring Agents for the updated 2023 Framework.

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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 cancer-fighting 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 and follow us on Facebook, Twitter, LinkedIn, Instagram, TikTok and YouTube.