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Ontario identifies projects for green bond proceeds

DCN News Services
Ontario identifies projects for green bond proceeds

TORONTO — Ontario recently announced it has successfully issued its fourth green bond, raising $1 billion that will be spent on seven transit and institutional projects.

A Feb. 14 statement said it was the largest green bond in Canadian history. The program is intended to fund projects that will reduce greenhouse gas emissions.

The projects to be supported are:

  • Eglinton Crosstown Light Rail Transit in Toronto: $407 million;
  • GO Transit Whitby Rail Maintenance Facility: $300 million;
  • York Viva Bus Rapid Transit in York Region: $80 million;
  • Hurontario LRT in Mississauga and Brampton: $10 million;
  • Joseph Brant Hospital Redevelopment Project Phase 1 in Burlington: $145 million;
  • Seneca College King Campus Expansion in King City: $50 million; and
  • Finch West LRT in Toronto: $4 million.

The latest bond was issued Jan. 25, with a maturity date of Feb. 5, 2025, the statement indicated.

The first green bond, issued in 2014, raised $500 million. The second in 2016 raised $750 million. The third bond, issued last February, raised $800 million.

“The proceeds from green bonds are helping Ontario expand people’s transportation choices, manage congestion, and build a modern, sustainable transportation network to ensure our province continues to grow and to prosper now and in the future,” said Minister of Transportation Kathryn McGarry in the statement.

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