Ontario Power Generation (OPG) has initiated a bond sale aiming to raise CAD 1 billion (USD 730.7 million / EUR 682.1 million) to fund its ambitious clean energy projects under its Sustainable Finance Framework, including renewables.
Announcing the move on Friday, the electricity producer stated that the issuance under its medium-term notes programme spans across all Canadian provinces. The transaction is being facilitated by a consortium of agents led by BMO Capital Markets, CIBC Capital Markets, and RBC Capital Markets as lead agents and joint bookrunners.
Aida Cipolla, OPG's chief financial officer and corporate services officer, highlighted the significance of the bond offering in advancing the clean energy transition: “Our bond offering under this new framework is an important step forward in enabling the clean energy transition.”
The funds raised will support OPG's initiatives in wind and solar power generation, hydrogen production, and the refurbishment of hydropower plants. Additionally, energy efficiency projects, energy storage schemes, clean transportation efforts, and climate adaptation projects will benefit from the financing. A portion of the proceeds will also contribute to the construction of new nuclear plants.
