Bruce Power issues first Green Bond globally for nuclear power in $500-million deal

On November 22, 2021, Bruce Power L.P. announced the issuance of $500 million in Green Bonds, which is a global first for nuclear power, a recognition of the critical role the technology plays in fighting climate change and enabling a "Net Zero" future. As the first-of-its-kind offering, this transaction represents a pathfinder offering that has opened the possibility for other green bond offerings by nuclear power issuers.

The proceeds from this 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 both of which contribute to Canada’s prosperous, clean energy future, and advance its climate change objectives.

Bruce Power is an electricity company based in Bruce County, Ontario, that has a reputation for delivering clean, reliable, low-cost nuclear power to families and businesses across the province.

McCarthy Tétrault advised Bruce Power L.P. with a team led by Andrew Parker that included David Lever, Sean O’Neill, George Vegh, Patrick Boucher, Robin Mahood, Michael J. Bennett, Victoria de Luna, Jaclyn Wang (Business), Joanna Rosengarten, Bryn Gray (Environmental), Dean Xiao, Stefanie Morand, Patrick McCay (Tax), and Reena Goyal (Litigation).

Torys LLP served as counsel to the syndicate of agents co-led by BMO Capital Markets, HSBC Securities (Canada) and TD Securities with a team that included Michael Zackheim, Brett Saulnier and Alison Shamie (corporate/securities) and Andrew Wong (tax).