Ontario Power Generation Inc. ("OPG") completed a public offering of CAD 500 million aggregate principal amount of 4.866% Medium-Term Notes due March 13, 2055 (Series 14). The notes were issued at a price of CAD 100 per CAD 100 principal amount, generating net proceeds of approximately CAD 496.35 million after deducting the agents' fees and estimated expenses. The offering was conducted under OPG’s Sustainable Finance Framework, with proceeds earmarked for financing or refinancing new and existing Eligible Green Projects.

The Series 14 Notes are unsecured and may be redeemed at the option of OPG, with terms defined under the Trust Indenture. The notes have been rated A(low) (stable) by DBRS, A3 (stable) by Moody’s, and BBB+ (stable) by S&P.

The offering was led by a syndicate of agents, including BMO Nesbitt Burns Inc., CIBC World Markets Inc., National Bank Financial Inc., RBC Dominion Securities Inc., TD Securities Inc., Desjardins Securities Inc., Scotia Capital Inc., Goldman Sachs Canada Inc., Laurentian Bank Securities Inc., Mizuho Securities Canada Inc., and Cedar Leaf Capital Inc.

Legal counsel for the transaction included Torys LLP for OPG and Blake, Cassels & Graydon LLP for the dealers. The offering was made in accordance with the short form base shelf prospectus dated March 31, 2023, and the pricing supplement dated March 11, 2025.