OPG boosts clean energy financing with new sustainable finance framework

Darlington Nuclear Generating Station, where Ontario Power Generation plans to build up to four small modular reactors (SMRs) as part of the new Darlington Nuclear Project

Ontario Power Generation (OPG) has released the Sustainable Finance Framework to replace the 2021 Green Bond Framework. The new framework will enable financing for a broader range of clean energy technologies, as well as initiatives to create opportunities for Indigenous communities and businesses.

“As Canada’s largest issuer of corporate green bonds, we are expanding the use of the proceeds from these bonds, recognizing the growing demand for clean electricity and OPG’s commitment to promoting economic reconciliation with Indigenous nations and communities,” said Aida Cipolla, OPG’s Chief Financial Officer and Director of Corporate Services.

Under the Sustainable Finance Framework, the net proceeds from the issuance of OPG Sustainable Finance Bonds can be used to finance a wider range of projects and programs, including:

New nuclear projects, such as small modular reactors and large new nuclear projects, in addition to the maintenance or renovation of existing facilities;
Renewable energy projects such as the modernisation of hydropower plants, solar, wind and hydrogen production;
Energy efficiency and management solutions such as energy and clean fuel storage;
Clean transport initiatives such as zero emission vehicles;
Developing the ability to adapt to climate change and resilience to threats related to floods and extreme weather phenomena.

BMO and RBC Capital Markets acted as co-sustainable structuring agents under the OPG Sustainable Financial Framework.

Sign up for our weekly news digest!