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OPG updates green bond framework to include nuclear

·3 min read

Carbon-free nuclear power recognized as "Green"

The vacuum building at Darlington Nuclear Generating Station. (CNW Group/Ontario Power Generation Inc.)
The vacuum building at Darlington Nuclear Generating Station. (CNW Group/Ontario Power Generation Inc.)

TORONTO, July 12, 2022 /CNW/ - Ontario Power Generation (OPG) today released an update to its green bond framework that now includes eligible nuclear projects in recognition of the critical role the technology plays in fighting climate change and in achieving OPG's own ambitious climate change goals.

Net proceeds from green bonds can now be used to finance Darlington Refurbishment and maintenance of existing nuclear facilities that produce low-cost power free of carbon emissions.

In addition, CICERO Shades of Green, a leading provider of independent, research-based evaluations of green bond and sustainability financing frameworks, completed a second-party opinion on OPG's green bond framework with a CICERO Medium Green shading and a governance score of Good.

The updated framework and CICERO Shades of Green second-party opinion can be found here: https://www.opg.com/investor-relations/green-bonds/.

Quick facts

  • Ontario Power Generation (OPG) was the first Canadian utility ever to release green bonds with four corporate bonds issued to date totalling $2.15 billion. As well, in May 2021 Lower Mattagami Energy Limited Partnership, an entity wholly owned by OPG, completed a private placement green bond totalling $375 million.

  • OPG's Climate Change Plan commits to OPG being a net zero company by 2040 and acting as a catalyst to help achieve efficient economy-wide decarbonisation by 2050.

  • Nuclear is a key driver of carbon reduction around the world. Ontario continues to invest in nuclear power as a key component of the province's climate goals. More than 60 per cent of the province's power is generated by nuclear energy and the two largest stations - Darlington and Bruce - are scheduled to operate for decades to come.

  • A new report from the International Energy Agency (IEA) is calling for immediate investment and policy action to ensure that nuclear power can continue to support efforts to reach net zero emissions goals in countries around the world.

  • This is further supported by the recent European Union (EU) decision to include investments in nuclear energy in the EU's Sustainable Finance Taxonomy. This decision supports issuers and investors in their efforts to direct investments to sustainable activities and supports OPG's view of nuclear as a green investment.

  • The refurbishment of OPG's Darlington Nuclear Generating Station is one of Canada's largest clean energy projects, and is on track to be finished on time and on budget. The continued operation of Darlington Nuclear to 2055 will create the same emissions reduction as taking 2 million Ontario cars of the road per year.

  • OPG is also a global leader in the deployment of advanced nuclear technologies that can make a meaningful and immediate impact on climate change, such as small modular nuclear reactors.

Quotes

"Carbon-free nuclear energy has long been key to Ontario's clean electricity grid, and the release of this updated green bond framework recognizes its crucial role in achieving our net-zero future," said Aida Cipolla, Chief Financial Officer, Ontario Power Generation. "Increasingly, the rest of the world is recognizing the critical role of investing in clean nuclear energy in order to fight climate change and enable the electrification of our economies."

"Ontario's electricity system is more than 90 per cent emissions free, thanks in large part to clean, affordable and reliable nuclear power produced by Ontario Power Generation," said Todd Smith, Ontario's Minister of Energy. "Today's updated Green Bond Framework will support continued investment in our existing nuclear facilities, securing low-cost, carbon free power for decades to come."

About OPG

As a global climate change leader and the largest, most diverse electricity generator in the province, OPG and its family of companies are helping lead the charge to a post-carbon economy.

SOURCE Ontario Power Generation Inc.

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View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2022/12/c2706.html