Building on its position as an industry leader in clean energy projects, Bruce Power has issued an additional $600 million in Green Bonds.
Since becoming the first nuclear operator in the world to successfully issue Green Bonds in 2021, Bruce Power now has cumulatively issued $1.7 billion in Green Bonds through three offerings.
The latest offering comes following the Government of Canada’s recent successful federal government green bond that included nuclear as a use of proceeds under Canada’s Updated Green Bond Framework, and Ontario also including nuclear in its framework.
Canada’s updated Green Bond Framework identified new eligible nuclear expenditures for allocation to a green bond, including investments in new reactors, refurbishment of existing facilities, research and development; and some investments in Canada’s nuclear supply chain.
“We’re pleased that our Green Bond offerings continue to be well received and the federal and provincial governments have made strides in their commitments to nuclear’s role in fighting climate change as part of a clean energy future,” said Kevin Kelly, Bruce Power 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, which will allow us to provide emissions-free electricity to Ontario for decades to come.”
In November of 2023, Bruce Power updated its Green Financing Framework, which 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 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 over the next decade. A renewed Unit 6 was successfully returned to service last September, ahead of schedule and budget, and Unit 3’s MCR outage remains on track. The company was a major contributor to Ontario’s coal phase-out in 2014 and has made a commitment to be Net Zero by 2027 in support of a Net Zero Ontario and Canada by 2050, as well as supporting many other environmental and sustainability initiatives across the province.
Bruce Power strives to advance its sustainability goals and further its position in minimizing the environmental impacts and upholding strong business ethics. The company received a strong Environmental, Social and Governance (ESG) Risk Rating from leading ESG risk ratings provider Morningstar Sustainalytics for 2024.
Continuing the trend of year-over-year improvement, Bruce Power achieved its lowest (most favourable) risk rating of 12.6, maintaining a ‘Low Risk’ ESG Rating from third-party ESG rating agency Morningstar Sustainalytics. The company ranks third globally in its sub-industry category of Independent Power Production and Traders, and in the top four per cent in the Utilities industry covered by Morningstar Sustainalytics.
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Saugeen Ojibway Nation Territory, 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 www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram, TikTok and YouTube.
