Ontario Power Generation (OPG) has closed a $450 million green bond issuance – a first-of-its-kind financing for the Canadian energy sector – with proceeds to be used to finance hydroelectric projects.
“[The] bond offering is the first in the Canadian energy sector where a utility has issued green bonds to finance renewable and clean power projects that produce electricity free of carbon emissions,” said Ken Hartwick, OPG’s Chief Financial Officer. “OPG is Ontario’s low-cost generator, producing power 99 per cent of free of smog and carbon and priced 40 per cent lower than other generators.”
Specific potential projects identified by OPG for green financing include the 28MW Peter Sutherland Sr. Generating Station on New Post Creek in Northeastern Ontario and the Ramney Dalls generating station, which will see an additional 10MW unit added at Ranney Falls on the Trent River.
