Ontario utility backs HPP deal with CAD-500m green bond

Image by: CNW Group/Ontario Power Generation Inc.

January 21 (Renewables Now) - Ontario Power Generation (OPG) has issued a CAD-500-million (USD 376.7m/EUR 330.9m) green bond Friday to fund the purchase of New Jersey-based small hydropower plants (HPPs) operator Eagle Creek Renewable Energy LLC.

The Ontario utility acquired Eagle Creek and its fleet of 63 small HPPs with a combined capacity of 216 MW in November 2018 in a USD-298-million deal.  The sellers included affiliates of Hudson Clean Energy Partners and other shareholders.

The CAD-500-million transaction is OPG’s second green bond sale. Its first green bond, issued in June 2018, helped support several green energy projects. Among these was the refurbishment of the Ranney Falls hydropower station on the Trent River, whose capacity will reach up to 20 MW, according to OPG’s website.

OPG has 66 hydroelectric plants in Ontario.

(CAD 1.0 = USD 0.753/EUR 0.662)

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Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.

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