Bruce Power has issued a new offering of $800 million in Green Bonds as it continues to power Ontario’s economy forward through Made-in-Canada operations and projects.
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 September 3.
Bruce Power became the first nuclear operator in the world to issue Green Bonds in 2021 and since has cumulatively issued $4.1 billion through six offerings.
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, and with quality through strong performance by skilled workers. Using lessons learned in Unit 6 and groundbreaking innovation, Unit 3 beat that performance when it was returned to service in June of this year. Strong performance continues in the Unit 4 MCR, which is forecasted to be completed ahead of schedule.
“This Green Bond issuance reflects the important role Bruce Power plays in delivering long-term value for Ontario through investment in clean, reliable nuclear energy,” said Kevin Kelly, Executive Vice-President and Chief Financial Officer, Bruce Power. “Demand from investors underscores confidence in our Life-Extension Program and Project 2030, which are helping preserve a critical source of emissions-free electricity while positioning our site to support Ontario’s growing energy needs for decades to come. Through our Green Financing Framework, investors can directly participate in one of Canada’s largest clean energy infrastructure initiatives.”
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.
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.
Bruce Power strives to advance its sustainability goals and further its position in minimizing the environmental impacts and upholding strong business ethics.
“While President Trump attempts to undercut our economy, Ontario’s nuclear sector is supercharging it with the issuance of $800 million in green bonds from Bruce Power,” said Stephen Lecce, Ontario Minister of Energy and Mines. “This important investment is a vote of confidence in Ontario’s plan to build nuclear faster, better and on time while creating 150,000 jobs and adding more than $800 billion to our GDP.”
The Green Bonds are being offered in each of the provinces of Canada by RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc. as lead agents, along with Scotia Capital Inc., TD Securities Inc. and BMO Nesbitt Burns Inc.
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, X, LinkedIn, Instagram, and YouTube.