Canadian nuclear generator Bruce Power has completed an $800 million private placement offering of Green Bonds to fund ongoing refurbishment and clean energy expansion projects across its Ontario facilities.
The transaction closed on 3 September 2026 across all Canadian provinces, supported by a syndicate led by RBC Dominion Securities Inc., CIBC World Markets Inc., and National Bank Financial Inc., alongside Scotia Capital Inc., TD Securities Inc., and BMO Nesbitt Burns Inc. Bruce Power became the first global nuclear operator to issue Green Bonds in 2021 and has since raised a cumulative $4.1 billion across six separate offerings.
Capital raised under the company’s Green Financing Framework will support its multi-decade Life-Extension Program and Major Component Replacement (MCR) project, which targets the complete refurbishment of Units 3 through 8 by 2033. Following the early return to service of Unit 6 in 2023 and Unit 3 in June 2026, refurbishment work is currently underway on Unit 4.
Key financial and operational highlights include:
- S&P framework assessment: S&P Global Ratings evaluated Bruce Power’s updated Green Financing Framework as ‘Medium Green’, confirming full alignment with international Green Bond Principles and Green Loan Principles.
- Economic impact: The underlying capital projects support Ontario’s broader energy expansion strategy, which state officials project will generate up to 150,000 jobs and contribute over $800 billion to provincial GDP over the project lifecycle.
- Base load generation: Bruce Power supplies roughly 30 per cent of Ontario’s total electricity demand through its eight-reactor operational facility.
Kevin Kelly, Executive Vice-President and Chief Financial Officer of Bruce Power, stated: “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. Demand from investors underscores confidence in our Life-Extension Program and Project 2030, which are helping preserve a critical source of emissions-free electricity while positioning our site to support Ontario’s growing energy needs for decades to come.”
Stephen Lecce, Ontario Minister of Energy and Mines, added: “Ontario’s nuclear sector is supercharging our economy with the issuance of $800 million in green bonds from Bruce Power. This important investment is a vote of confidence in Ontario’s plan to build nuclear faster, better and on time.”
