Bruce Power issues world’s first green bond for nuclear power
On November 22, 2021, Bruce Power L.P. (“Bruce Power”) announced that it issued, on a private placement basis, C$500 million in green bonds—a global first for nuclear power. The bonds also represent Bruce Power’s first green bond offering under its Green Financing Framework.
The bonds were offered on an agency basis by a syndicate of agents co-led by BMO Capital Markets, HSBC Securities (Canada) Inc. and TD Securities Inc.
The proceeds from the historic green bond offering will be used or allocated in accordance with Bruce Power’s Green Financing Framework to finance or re-finance eligible investments associated with life extension and increasing output of existing units.
Bruce Power intends to allocate the net proceeds of the offering to fund the financing and/or refinancing of eligible green projects as described in its Green Financing Framework.
Further information can be found on Globe Newswire’s website.
Bruce Power is Canada's first private nuclear generator, providing 30% of Ontario's power.
The Torys team included Michael Zackheim, Brett Saulnier and Alison Shamie (corporate/securities) and Andrew Wong (tax).
Torys also acted on the following in connection with this project:
- BMO Nesbitt Burns, Scotia Capital, TD Securities and the syndicate of agents in Bruce Power L.P.’s C$600 million private placement of 4.27% senior unsecured notes, Series 2024-2
- Scotia Capital, CIBC World Markets, RBC Capital Markets and the syndicate of agents in Bruce Power L.P.’s C$600 million private placement of 4.70% senior unsecured notes, Series 2024-1
CIBC World Markets, RBC Capital Markets, TD Securities and the syndicate of agents in Bruce Power L.P.'s C$600 million debt financing, including C$300 million of 4.70% Series 2023-1 senior notes and C$300 million of 4.99% Series 2023-2 senior notes
BMO Nesbitt Burns, CIBC World Markets, Scotia Capital and the syndicate of agents in Bruce Power L.P.'s C$600 million private placement of 4.00% senior unsecured notes, Series 2020-1
Scotia Capital, TD Securities and the syndicate of agents in Bruce Power LP's C$750 million debt financing, including C$350 million of 3.00% Series 2017-1 senior unsecured notes and C$400 million of 4.01% Series 2017-2 senior unsecured notes
Scotia Capital, TD Securities and the syndicate of agents in Bruce Power LP's C$1 billion debt financing, including C$600 million of 2.844% 2016-1 senior notes and C$400 million of 3.969% 2016-2 senior notes
Scotiabank, TD Bank and the club of lenders in the C$2 billion banking facilities made available to Bruce Power LP in connection with its C$13 billion investment program to refurbish the Bruce A and Bruce B Nuclear Generation Stations in southwestern Ontario
Ontario Power Generation and the Province of Ontario in the sale of British Energy plc's 82% interest in Bruce Power L.P. to a consortium of investors, including Cameco Corporation, TransCanada Pipelines Limited and BPC Generation Infrastructure Trust (an affiliate of OMERS)
| Jurisdiction | Kincardine (près de Tiverton) |
| Province/State | Ontario |
| Country | Canada |
| Nature of Engagement | Refinance |
| Government Level | Provincial |
| Client | BMO Capital Markets, HSBC Securities (Canada), TD Securities and the syndicate of agents |
| Client Role | Dealer |
| Value | $500,000,000 CAD |