Canada’s OPG places CAD-1bn bond to fund clean energy projects

Canada’s Ontario Power Generation (OPG) has kicked off a bond sale, seeking to raise CAD 1 billion (USD 730.7m/EUR 682.1m) to finance clean energy projects under its Sustainable Finance Framework, including renewables.

The electricity producer said on Friday it has launched the issuance under its medium-term notes programme in each Canadian province. The transaction was facilitated by a syndicate of agents jointly led by BMO Capital Markets, CIBC Capital Markets and RBC Capital Markets as lead Agents and joint bookrunners.

OPG will use the raised funds to support its clean energy initiatives such as wind and solar power generation, hydrogen production and the refurbishment of hydropower plants. Energy efficiency and energy storage schemes, clean transportation and climate adaptation projects will also benefit from the financing, while a portion of the funds will go for the construction of new nuclear plants.

"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.

(CAD 1.0 = USD 0.731/EUR 0.682)

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