OPG issues $1 billion in green bonds and welcomes Cedar Leaf Capital to its dealer syndicate

Press Release

March 13, 2025

TORONTO, ON – Cedar Leaf Capital, Inc., Canada’s first majority Indigenous-owned investment dealer, has joined the syndicate of dealers of Ontario Power Generation (OPG) and served as co-manager on the issuance of $1 billion CAD in green bonds under OPG’s Sustainable Finance Framework. BMO Capital Markets, CIBC Capital Markets, and National Bank Financial acted as joint bookrunners on the transaction.

OPG is the first non-financial corporate issuer to utilize Cedar Leaf Capital as part of a dealer syndicate.

When OPG launched its Reconciliation Action Plan in 2021, it was with the knowledge that meeting its goals depended on engaging, partnering and collaborating with Indigenous communities and businesses. The opportunity to work with Cedar Leaf as part of OPG’s syndicate of bond dealers demonstrates our commitment to that plan, as our company strives to advance meaningful and tangible economic Reconciliation.
Aida Cipolla
OPG’s Chief Financial Officer and Corporate Services Officer

Last fall, Cedar Leaf Capital announced that it received regulatory approval to operate as a registered Investment Dealer in all provinces and territories of Canada. Cedar Leaf Capital is a partnership between Nch’ḵay̓ Development Corporation, Des Nedhe Group, the Chippewas of Rama First Nation, and Scotiabank. The firm provides services as an underwriter or placement agent of new debt issues for corporate and government clients in Canada.

OPG will use the net proceeds of the March issuance to fund a range of low-carbon energy projects.

As the largest Canadian corporate issuer of green bonds, OPG is furthering its leadership in sustainable financing through this latest issuance. In all, since 2018, OPG has issued green bonds totaling approximately $5.6 billion, including offerings by its subsidiaries. OPG will update investors annually on the allocation of proceeds.

OPG’s Sustainable Finance Framework permits funding of a broad range of clean energy technologies as well as initiatives to create opportunities for Indigenous communities and businesses.

Quotes

“We are honoured to join OPG’s dealer group and be part of this historic transaction,” says Clint Davis, CEO of Cedar Leaf Capital. “OPG is a leader in low-carbon energy, and we are proud to work alongside them. This partnership reflects our commitment to increasing Indigenous participation in capital markets and creating more opportunities for economic growth in our communities.”

“When OPG launched its Reconciliation Action Plan in 2021, it was with the knowledge that meeting its goals depended on engaging, partnering and collaborating with Indigenous communities and businesses,” said Aida Cipolla, OPG’s Chief Financial Officer and Corporate Services Officer. “The opportunity to work with Cedar Leaf as part of OPG’s syndicate of bond dealers demonstrates our commitment to that plan, as our company strives to advance meaningful and tangible economic Reconciliation.”

About OPG

As one of North America’s largest, most diverse electricity generators, OPG invests in local economies and employs thousands of people across Ontario and the US. OPG and its family of companies are leading the development of new clean technologies, refurbishment projects, and electrification initiatives to power the growing demand of a clean economy. Learn more about how the company is advancing these initiatives while prioritizing people, partnerships, and strong communities by reading OPG’s Climate Change Plan, Reconciliation Action Plan, and Equity, Diversity, and Inclusion (ED&I) strategy.

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For further information, please contact:

OPG Media Relations
416-592-4008 or 1-877-592-4008
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