First Canadian Energy Company to Secure Sustainability Linked Loan
TORONTO, Dec. 17, 2020 /CNW/ - Ontario Power Generation (OPG) has become the first company in the Canadian power and utilities sector to incorporate sustainability targets into its corporate financing needs. This reflects OPG's leadership position on sustainability, while reducing credit costs.
"OPG has shown sustained leadership in climate change action, and has pledged to act as a catalyst for efficient, economy-wide decarbonization and economic renewal while protecting the environment going forward, with clear and ambitious goals set out in the company's Climate Change Plan," said OPG President and CEO Ken Hartwick. "Incorporating sustainability targets into financing is a natural next step as we work toward those goals."
Mizuho Americas is the Sole Lead Arranger and Administrative Agent for the US$750 million 364-day Senior Unsecured revolving standby credit facility; RBC is the Sustainability Structuring Agent. This facility supports OPG's short-term liquidity needs.
"We are proud to support OPG, a leader in environmental sustainability and workplace safety, in this market-leading transaction," said Brad Crilly, Head of Canadian Coverage for Mizuho Americas. "Its sustainability targets in the areas of safety, hydroelectric capacity development, electrification, and biodiversity are key to helping the company achieve its objectives."
"RBC is proud to partner with OPG as Sustainability Structuring Agent on this facility, establishing a pricing structure linked to meaningful and ambitious sustainability performance targets that are aligned with OPG's strategic priorities," said Patti Shugart, Global Head of Corporate Banking at RBC Capital Markets. "RBC's approach to sustainability and our focus on offering clients best-in-class advice tailored to their needs are both central to delivering on our stated purpose to help clients thrive and communities prosper."
Quick Facts
About OPG
OPG is a climate change leader and the largest electricity generator in the province, providing more than half of the power Ontarians rely on every day. It is also one of the most diverse generators in North America, with expertise in nuclear, hydroelectric, biomass, solar and natural gas technologies.
About Mizuho Americas
Mizuho Americas is part of a leading global financial institution focused on serving its institutional, corporate, and private equity clients with strategic and financing solutions in the areas of investment and corporate banking, equities, fixed income, and futures.
About RBC
Royal Bank of Canada is a global financial institution with a purpose-driven, principles-led approach to delivering leading performance. Our success comes from the 86,000+ employees who leverage their imaginations and insights to bring our vision, values and strategy to life so we can help our clients thrive and communities prosper.
SOURCE Ontario Power Generation Inc.
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