$1 billion
issuance will fund clean energy projects
TORONTO, June 28,
2024 /CNW/ - Ontario Power Generation has issued
$1 billion of bonds under its
recently released Sustainable Finance Framework.
The company will use net proceeds of this issuance to fund a
broad range of clean energy projects.
As the largest Canadian corporate issuer of green bonds, OPG is
furthering its leadership in sustainable financing through this
latest issuance. In all, since 2018, OPG has issued green bonds
totaling approximately $4.3 billion,
including offerings by its subsidiaries. OPG will update investors
annually on the allocation of proceeds.
OPG offered the bonds as part of its medium-term notes program
in each Canadian province, through a syndicate of agents jointly
led by BMO Capital Markets, CIBC Capital Markets and RBC Capital
Markets as Lead Agents and Joint Bookrunners.
Key facts
- OPG issued its Sustainable Finance Framework earlier this week.
It provides opportunities to facilitate Indigenous communities' and
businesses' participation in OPG's projects and initiatives,
through procurement, training, education, and employment.
Energy-related projects and programs included under the framework
include:
- New nuclear projects, in addition to maintenance or
refurbishment of existing facilities;
- Renewable energy projects like hydro refurbishment, solar, wind
and hydrogen production;
- Energy efficiency and management solutions such as energy
storage and clean fuel storage;
- Clean transportation initiatives such as zero-emissions
vehicles; and
- Initiatives to increase climate adaptation and resilience
capabilities for flood protection and extreme weather
- This builds on OPG's Green Bond Framework (2021), which for the
first time, permitted funding of refurbishment and maintenance of
existing nuclear facilities, in recognition of nuclear energy's
role in the global clean economy.
Quotes
"Our bond offering under this new framework is an important step
forward in enabling the clean energy transition," said Aida Cipolla, OPG's Chief Financial Officer and
Corporate Services Officer. "Integrating these objectives into
financing helps OPG meet our core commitment of building a
sustainable future powered by our electricity, ideas and
people."
Caution Regarding Forward-Looking Information
This press release contains forward-looking information within
the meaning of applicable securities laws. Forward-looking
information generally can be identified by the use of
forward-looking terminology such as "outlook", "objective", "may",
"will", "expect", "intend", "estimate", "anticipate", "believe",
"should", "plans", or "continue", or similar expressions suggesting
future outcomes or events. Some of the specific forward-looking
information in this press release includes, among other things,
statements regarding the intended use of net proceeds from the
offering and the anticipated closing of the offering. This
forward-looking information is based on a variety of assumptions
and is subject to risks and uncertainties, which could cause actual
results to differ materially from those that are disclosed in or
implied by such forward-looking information. Additional detailed
information about these assumptions, risks and uncertainties is
included in OPG's securities regulatory filings, including its most
recent annual information form and management's discussion and
analysis, which can be found on SEDAR+ at
www.sedarplus.ca.
About OPG
As one of North America's
largest, most diverse electricity generators, OPG invests in local
economies and employs thousands of people across Ontario and the US. OPG and its family of
companies are leading the development of new clean technologies,
refurbishment projects, and electrification initiatives to power
the growing demand of a clean economy. Learn more about how the
company is advancing these initiatives while prioritizing people,
partnerships, and strong communities by reading OPG's Climate
Change Plan, Reconciliation Action Plan,
and Equity, Diversity, and Inclusion (ED&I)
strategy.
Follow us on X (Twitter): @opg
SOURCE Ontario Power Generation Inc.