Bruce Power has closed a new $800-million Green Bond offering on a private placement basis across Canada as part of its ongoing investments in Ontario's clean energy infrastructure.
The transaction, which officially closed on September 3, brings the nuclear operator’s total capital raised through green financing to $4.1 billion across six separate offerings since it became the world’s first nuclear operator to issue Green Bonds in 2021.
The new funding comes as Bruce Power progresses through its ongoing Major Component Replacement project, which aims to refurbish Units 3 through 8 by 2033. Unit 6 returned to service ahead of schedule and under budget in 2023, while Unit 3 followed suit by returning to service this past June, outperforming the previous unit's benchmark. Work on Unit 4 remains ahead of its original timeline.
“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.”
The company’s updated Green Financing Framework carries a ‘Medium Green’ rating from S&P Global Ratings, which evaluated the structure as fully aligned with both the Green Bond Principles and Green Loan Principles. Bruce Power previously played a pivotal role in ending Ontario's reliance on coal power in 2014 and continues to align its operations with provincial climate goals and environmental standards.
“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.”
Lead agents handling the offering across Canadian provinces include RBC Dominion Securities Inc., CIBC World Markets Inc., and National Bank Financial Inc., alongside Scotia Capital Inc., TD Securities Inc., and BMO Nesbitt Burns Inc.
