Bruce Power has issued $800 million in Green Bonds as it continues investing in clean and reliable nuclear energy infrastructure in Ontario. The offering closed on September 3 and brings Bruce Power’s cumulative Green Bond issuance to $4.1 billion across six offerings since 2021. The financing supports the company’s Green Financing Framework and comes as its Major Component Replacement programme progresses across Units 3–8.
Key Overview
- Bruce Power issued $800 million in Green Bonds through a private placement.
- The offering closed on September 3 across the provinces of Canada.
- Bruce Power has cumulatively issued $4.1 billion through six Green Bond offerings since 2021.
- The company became the first nuclear operator in the world to issue Green Bonds in 2021.
- Its Major Component Replacement project will refurbish Units 3–8 by 2033.
- Unit 6 returned to service in 2023, while Unit 3 returned to service in June 2026.
- Bruce Power’s Green Financing Framework was assessed as “Medium Green” by S&P Global Ratings.
Bruce Power Issues $800 Million Green Bond
Bruce Power has issued a new $800-million Green Bond as the company continues to invest in clean nuclear energy projects and support Ontario’s energy needs.
The company priced the Green Bonds on a private placement basis in each of the provinces of Canada, with the offering closing on September 3.
Bruce Power became the first nuclear operator in the world to issue Green Bonds in 2021. Since then, it has cumulatively issued $4.1 billion through six offerings.
The latest issuance provides investors with an opportunity to participate in Bruce Power’s clean energy infrastructure projects through its Green Financing Framework.
Green Bonds Support Nuclear Energy Investment
Bruce Power has a track record of delivering clean energy projects, including its Major Component Replacement (MCR) programme.
The project involves refurbishing Units 3 through 8 by 2033.
A renewed Unit 6 successfully returned to service in 2023 ahead of schedule and budget. Bruce Power said the project was completed with quality through the strong performance of skilled workers.
Using lessons learned from Unit 6 and further innovation, Unit 3 subsequently beat that performance when it returned to service in June 2026.
Strong performance is also continuing on the Unit 4 MCR, which Bruce Power forecasts will be completed ahead of schedule.
Kevin Kelly, Executive Vice-President and Chief Financial Officer at Bruce Power, said:
“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.”
He said investor demand underscores confidence in the company’s Life-Extension Program and Project 2030, which are intended to preserve a critical source of emissions-free electricity while positioning the site to support Ontario’s growing energy needs.
Bruce Power’s Green Financing Framework
The Green Bond issuance is supported by Bruce Power’s Green Financing Framework, which allows investors to participate in the company’s clean energy infrastructure initiatives.
Bruce Power updated the framework in November 2023.
S&P Global Ratings assessed the framework as “Medium Green” on a scale of Light, Medium and Dark. S&P Global Ratings also indicated that the framework is aligned with the Green Bond Principles and Green Loan Principles.
The framework provides the basis for Bruce Power’s green financing activities and links the company’s financing strategy to its clean energy projects.
Nuclear Sector Supports Ontario’s Energy Strategy
Bruce Power said it has a strong record of supporting environmental and sustainability initiatives across Ontario.
The company was also a major contributor to Ontario’s coal phase-out in 2014.
Its sustainability efforts are focused on advancing environmental goals, minimising environmental impacts and maintaining strong business ethics.
Ontario Minister of Energy and Mines Stephen Lecce described the Green Bond issuance as an investment in Ontario’s nuclear sector.
He said:
“This important investment is a vote of confidence in Ontario’s plan to build nuclear faster, better and on time while creating 150,000 jobs and adding more than $800 billion to our GDP.”
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Major Component Replacement Programme Continues
The latest Green Bond issuance comes as Bruce Power continues its Major Component Replacement programme.
The programme will see Units 3 through 8 refurbished by 2033, supporting the company’s broader Life-Extension Program.
Unit 6 was renewed and returned to service in 2023, ahead of schedule and budget.
Unit 3 was subsequently returned to service in June 2026 after its major component replacement was completed.
Bruce Power said performance remains strong on the Unit 4 MCR, which is forecast to be completed ahead of schedule.
The projects are part of the company’s continued investment in its nuclear generating site.
Green Bond Offering Across Canada
The $800 million Green Bonds were offered in each of the provinces of Canada.
RBC Dominion Securities Inc., CIBC World Markets Inc. and National Bank Financial Inc. acted as lead agents, alongside Scotia Capital Inc., TD Securities Inc. and BMO Nesbitt Burns Inc.
The offering brings Bruce Power’s total Green Bond issuance to $4.1 billion since 2021.
The company’s continued use of green financing provides a funding mechanism for its clean energy infrastructure initiatives while allowing investors to participate through its Green Financing Framework.
Outlook
Bruce Power’s latest $800 million Green Bond issuance adds to its $4.1 billion cumulative Green Bond programme and supports its continued investment in clean and reliable nuclear energy.
The company’s Life-Extension Program and Project 2030 remain central to its efforts to preserve emissions-free electricity and support Ontario’s future energy needs.
Meanwhile, the Major Component Replacement programme continues, with Units 3–8 scheduled for refurbishment by 2033.
With its Green Financing Framework assessed as “Medium Green” by S&P Global Ratings and aligned with the Green Bond Principles and Green Loan Principles, Bruce Power continues to use green financing to support its nuclear energy infrastructure programme.
FAQs
1. How much has Bruce Power raised through Green Bonds?
Bruce Power has cumulatively issued $4.1 billion through six Green Bond offerings since becoming the first nuclear operator in the world to issue Green Bonds in 2021.
2. What will Bruce Power’s Green Bonds support?
The Green Bonds support Bruce Power’s clean, reliable nuclear energy infrastructure, including its Life-Extension Program and Project 2030.
3. When will Bruce Power complete its Major Component Replacement project?
Bruce Power’s Major Component Replacement project will refurbish Units 3–8 by 2033. Unit 6 returned to service in 2023, while Unit 3 returned to service in June 2026.
4. How was Bruce Power’s Green Financing Framework assessed?
S&P Global Ratings assessed the framework as “Medium Green” and indicated that it is aligned with the Green Bond Principles and Green Loan Principles.
Sources: Bayshore Broadcasting News Centre, Bruce Power, Sarnia News Today, The Kincardine Record
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