Ontario Power Generation (OPG) has released its Sustainable Finance Framework to replace its 2021 Green Bond Framework. The new framework will permit funding of a broader range of clean energy technologies as well as initiatives to create opportunities for Indigenous communities and businesses.
“As Canada’s largest corporate green bond issuer, expanding our eligible use of proceeds from these bonds recognises growing demand for clean electricity and OPG’s commitment to advancing economic reconciliation with Indigenous Nations and communities,” said Aida Cipolla, OPG’s Chief Financial Officer and Corporate Services Officer.
Under Sustainable Finance Framework, net proceeds from OPG’s sustainable bond issuance may now finance a broader array of projects and programmes, including:
- New nuclear projects, such as small modular reactors and large new nuclear, in addition to maintenance or refurbishment of existing facilities;
- Renewable energy projects such as hydro refurbishment, solar, wind and hydrogen production;
- Energy efficiency and management solutions such as energy storage and clean fuel storage;
- Clean transportation initiatives such as zero-emissions vehicles; and
- Developing climate adaptation and resilience capabilities for flood protection and extreme weather.
BMO and RBC Capital Markets acted as Co-Sustainable Structuring Agents for OPG’s Sustainable Finance Framework.
