OTTAWA, ON, Jan. 14, 2025 /CNW/ - Today, Hydro Ottawa Holding Inc. (referred to as "Hydro Ottawa" or the "Company") published an update to its Green Bond Framework ("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.
"Sustainability isn't a goal, it's a journey we take together. By investing in electric buses, energy-efficient LEDs, and renewable energy projects, we're driving real change and building a greener future. We will continue championing innovation and sharing our expertise to create a net-zero ecosystem that benefits everyone."
- Bryce Conrad, President and Chief Executive Officer
About Hydro Ottawa Holding Inc.
Hydro Ottawa Holding Inc. (Hydro Ottawa) is a private company 100 per cent owned by the City of Ottawa and whose core businesses are electricity distribution, renewable energy generation, and energy and utility services. As a leading partner in a smart energy future, Hydro Ottawa is committed to sustainability and reducing its impact on the environment in all aspects of its operations. It owns and operates three primary subsidiary companies: Hydro Ottawa Limited – a local distribution company that delivers electricity to more than 364,000 customers in the city of Ottawa and the village of Casselman; Portage Power – the largest Ontario-based municipally-owned producer of green power with 131 megawatts of installed green generation capacity (enough to power 110,000 homes); and Envari Holding Inc. – an energy solutions company offering products and services that help reduce energy consumption and costs for municipalities, industrial and commercial clients, and various local distribution companies. For more information visit: hydroottawaholding.com
SOURCE Hydro Ottawa Holding Inc.
For more information: Hydro Ottawa Media Relations, [email protected], 613-738-5499 ext. 2345
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