Ontario Power Generation Inc. announced on June 26, 2024, and closed on June 28, 2024, its issuance of $500 million 4.831% Medium-Term Notes (Series 11) maturing in 2034. Priced at par, the offering yielded net proceeds of $498 million, which will finance or refinance Eligible Green Projects under OPG’s Sustainable Finance Framework, including renewable energy and climate initiatives.

The issuance was led by BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., TD Securities Inc., Scotia Capital Inc., Desjardins Securities Inc., Goldman Sachs Canada Inc., and Mizuho Securities Canada Inc. Legal advisors included Torys LLP for OPG and Blake, Cassels & Graydon LLP for the dealers.

The bonds received ratings of A(low) (stable) from DBRS, A3 (stable) from Moody’s, and BBB+ (stable) from S&P.