TORONTO — Ontario Power Generation (OPG) recently announced it has closed a $450 million green bond issuance, the proceeds of which will be used to finance hydroelectric projects in the province.
Specific potential projects identified by OPG for green financing include one that is under construction and one that was completed last year, said a June 22 media statement.
Peter Sutherland Sr. Generating Station is a 28-megawatt hydroelectric station on New Post Creek in northeastern Ontario. It was completed in March 2017 and is a partnership between OPG and the Taykwa Tagamou Nation.
The Ranney Falls Generating Station refurbishment project now underway will add an additional 10-megawatt unit at Ranney Falls on the Trent River. It’s expected to be complete in the fourth quarter of 2019.
“Today’s bond offering is the first in the Canadian energy sector where a utility has issued green bonds to finance renewable and clean power projects that produce electricity free of carbon emissions,” said Ken Hartwick, OPG’s chief financial officer, in the statement.
OPG operates 66 hydroelectric stations on 24 river systems throughout Ontario.
The smallest station has a generating capacity of 800 kilowatts, the largest more than 1,500 megawatts.
OPG said it intends to publish reports in the future that will include a complete list of eligible projects to which green bond proceeds have been allocated.
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