Green Bond Fact Sheet

Ontario Power Generation

Date: 29-Jun-2018

Issue date: 22-Jun-2018 Maturity date: 22-Jun-2048 Tenor: 30
Issuer Name

Ontario Power
GenerationAmount Issued

CAD450m(USD339m)

Country of risk

CanadaCBI Database

Included

Issuer Type1

Government-Backed
EntityBond TypeGreen Bond

Green Bond Framework

Link to Framework

Second party opinion

Sustainalytics

Certification Standard

Not certified

Assurance report

N/A

Certification Verifier

N/AGreen bond rating

N/A☒ Energy☒ Solar☒ Onshore wind
☐ Offshore wind
☐ Geothermal☒ Hydro☐ Tidal☐ Biofuels☐ Bioenergy☐ Waste to energy☐ District heating☐ Electricity grid

☐ Energy storage☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Buildings☐ Certified Buildings☐ HVAC systems☐ Energyperformance☐ Water performance☐ Energy storage/meters☐ Other energy related☐ Industry: components☐ Adaptation & resilience☒ Transport☐ Electric vehicles☐ Low emissionvehicles☐ Bus rapid transit☐ Passenger trains☐ Urban rail

☐ Freight rolling stock☐ Coach / public bus☐ Bicycle infrastructure☒ Energy performance☐ Transport logistics☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Water & wastewater☐ Water distribution☐ Water treatment☐ Wastewatertreatment☐ Water storage☐ Storm water mgmt
☐ Desalinisation plants☐ Erosion control☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience

Use of Proceeds☐ Waste management☐ Recycling☐ Waste prevention☐ Pollution control☐ Landfill, energy capture☐ Energy performance☐ Infrastructure☐ Industry: components☐ Adaptation & resilience☐ Land use & agriculture☐ Afforestation/parks☐ FSC Forestry☐ FSC Cellulose &paper☐ Land remediation☐ Energy/water efficiency☐ Sustainable agriculture☐ Adaptation & resilience☒ Other☐ Adaptation &resilience☐ ICT☒ Industry: process

Issue details
ReportingCompany information

The issuer will update investors on proceed allocation and quantitative andqualitative environmental performance indicators, where feasible, through anannual report.
Ontario Power Generation (OPG or “the Company”) is Ontario’s largest clean
electricity provider.

Firsts, records andcertifications
Proceeds description

The deal will finance the construction of new run-of-river hydro projects orupgrades/modernisations/maintenance of existing hydro. Specific eligible projects
identified by the issuer include:• Refinancing the construction of the Peter Sutherland Sr. Generating Station– 28 MW hydroelectric station on New Post Creek (Ontario);• Refurbishing the Ranney Falls Generating Station to add a 10MW unit,
expected to become operational in Q4 2019.
The Green Bond Framework also includes solar and wind under the renewableenergy category, transportation efficiency and electrification, industrial efficiency
eco-efficient products. Nuclear technologies and fossil fuel-based power
generation are explicitly excluded from the eligibility criteria.

Climate Bonds view

The power density and GHG emissions for the new Peter Sutherland Sr. Generating
Station have not been disclosed at this stage. We will keep monitoring the impact
reporting for this information in the future.

Underwriters

Bank of Montreal, TD Securities

Deal comments
Credit Rating

A (low) (DBRS); BBB+ (S&P)

Pricing summary
Investors summary

1Issuer categories: ABS, development bank, financial corporate, government-backed entity, loan, local government, non-financial
corporate, sovereign