Bruce Power.
Bruce Power says it recently completed an offering of $800-million in green bonds.
The Tiverton nuclear operator says the private placement closed on Sept. 3. It was the sixth offering by Bruce Power since it first issued green bonds in 2021, raising $4.1-billion altogether.
A green bond is a fixed-income financial instrument similar to a traditional bond, but the money raised is for environmental and climate projects.
“This green bond issuance reflects the important role Bruce Power plays in delivering long-term value for Ontario through investment in clean, reliable nuclear energy,” Bruce Power’s Executive Vice-President and Chief Financial Officer Kevin Kelly says in a release. “Demand from investors underscores confidence in our Life-Extension Program and Project 2030, which are helping preserve a critical source of emissions-free electricity while positioning our site to support Ontario’s growing energy needs for decades to come. Through our Green Financing Framework, investors can directly participate in one of Canada’s largest clean energy infrastructure initiatives.”
Bruce Power is currently undertaking a Major Component Replacement project, which will see its Units 3 through 8 reactors refurbished by 2033. Unit 6 was renewed and returned to service in 2023, and major component replacement was also completed on Unit 3, which was put back online this past June.
“Strong performance continues in the Unit 4 MCR, which is forecasted to be completed ahead of schedule,” Bruce Power says in a release.