Bruce Power announces issuance of $500M in Green Bonds for nuclear power
By Canadian Manufacturing
TIVERTON — Bruce Power announced the issuance of $500 million in Green Bonds, which is a global first for nuclear power and a recognition of the critical role the technology plays in fighting climate change and enabling a Net Zero future.
“Clean nuclear power is crucial to fighting climate change, and today’s announcement marks another industry-leading step in the company’s environmental, social and governance strategy,” said Mike Rencheck, Bruce Power’s President and CEO. “One of the largest greenhouse gas emission reduction initiatives in the world was the phase-out of coal-fired electricity in Ontario, and Bruce Power was at the heart of making this a reality by providing 70 per cent of the energy the province needed to achieve this goal.”
Bruce Power has made a commitment to be Net Zero by 2027 in support of a Net Zero Canada by 2050.
“Ontario’s electricity system is 94 per cent emission free, thanks in large part to Bruce Power who produces a third of the provinces power,” said Hon. Todd Smith, Minister of Energy. “Bruce Power continues to show leadership in developing innovative solutions to support Ontario’s emission-reduction targets.”
The proceeds from this Green Bond offering will be used or allocated in accordance with Bruce Power’s Green Financing Framework to finance or re-finance eligible investments associated with life extension and increasing output of existing units both of which contribute to Canada’s clean energy future, and advance its climate change objectives.
“A strong nuclear industry is essential to a strong economy in Ontario,” said Rocco Rossi, President & CEO, Ontario Chamber of Commerce. “Ontario’s nuclear sector injects billions into the economy every year, providing low-cost, reliable and carbon-free electricity that our businesses need to stay competitive in the world market, and life-saving medical isotopes which are vital resources in the global medical community.”
Bruce Power’s Green Financing Framework has received a Second-Party Opinion from CICERO Shades of Green (CICERO Green), an internationally recognized provider of independent review and second-party opinions on Green Bonds and Green Financing Frameworks. The Framework has received CICERO Green’s overall ‘Medium Green’ shading on a scale of Light, Medium and Dark.
“After structuring our sustainability-linked loan earlier this year and committing to reach Net Zero emissions from site operations by 2027, creating our Green Financing Framework is a meaningful and concrete next step toward ensuring the highest Green standards are reflected in our financing initiatives,” said Kevin Kelly, Bruce Power’s Executive Vice President, Finance and Chief Financial Officer.