Hydro Ottawa Updated Green Bond Framework to Support Net-Zero Goal

January 22, 2025

Hydro Ottawa Holding Inc. published an update to its Green Bond Framework, first issued in 2019. The Framework allows Hydro Ottawa to further build on its commitment to excellence in sustainability and Environmental, Social and Governance (ESG) performance, as well as its target to achieve net-zero operations by 2030.

Key updates to the Framework expand its scope to include subsidiaries like Hydro Ottawa Capital Corporation, broaden eligible use of proceeds categories, and allow investments to finance a wider range of programs, including:

  • eligible clean electricity distribution infrastructure;
  • energy efficiency projects such as smart grid technology and energy storage systems;
  • biodiversity and conservation initiatives including habitat and land reclamation/restoration projects; and
  • climate change adaption and resilience capabilities for extreme weather and flood defense, monitoring systems and hardening of distribution networks.

Hydro Ottawa intends to fully allocate the green bond proceeds to Eligible Investments within 36 months from the issuance date, and will provide annual updates within one year of issuing a bond under the Framework, and until full allocation of proceeds.

Sustainalytics reviewed the Framework and provided a Second-Party Opinion which confirmed it is credible and impactful, and aligns with the International Capital Market Association’s Green Bond Principles 2021. The Framework and the Second-Party Opinion can be found on the Company’s website.

BMO Capital Markets and Scotiabank acted as Co-Green Structuring Agents for Hydro Ottawa’s Green Bond Framework.

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