Bruce Power expands clean energy commitment with $600 million green bond issuance

Company

Bruce Power L.P.

Bank

Scotia Capital

Law Firm / Organization
Torys LLP
Lawyer(s)

Michael Zackheim

Bank

CIBC World Markets

Law Firm / Organization
Torys LLP
Lawyer(s)

Michael Zackheim

Bank

RBC Capital Markets, LLC

Law Firm / Organization
Torys LLP
Lawyer(s)

Michael Zackheim

On March 7, 2024, Bruce Power, a leader in clean energy, issued an additional $600 million in Green Bonds, totaling $1.7 billion across three offerings. This move follows Canada's updated Green Bond Framework, which now includes nuclear energy, aligning with federal and provincial support for nuclear power in climate change efforts. The funds will support Bruce Power’s Life Extension Program, extending its clean, emissions-free electricity supply to Ontario. In November 2023, Bruce Power updated its Green Financing Framework, rated ‘Medium Green’ by S&P Global Ratings, aligning with Green Bond and Green Loan Principles.

The company’s sustainability efforts are part of Ontario’s clean energy infrastructure, contributing to the coal phase-out and aiming for Net Zero by 2027. Bruce Power’s Major Component Replacement project is progressing, with Unit 6 back online and Unit 3’s overhaul on schedule. Its strong Environmental, Social, and Governance (ESG) performance, rated by Morningstar Sustainalytics, places Bruce Power as a leading entity in sustainable energy and ethical business practices within the global utilities sector.

Public/Private Offering
Energy
$ 400,000,000
Closed
12 March 2024