• Hydro One raises $1.2 billion via Medium Term Notes to fund sustainable initiatives.
• $700 million in 4.25% Series 60 Notes (2035) and $500 million in 4.85% Series 58 Notes (2054) issued under the Sustainable Financing Framework.
• Funds to support green projects, with allocations aligning with Hydro One’s sustainability goals.

Hydro One has successfully priced a $1.2 billion offering of Medium Term Notes, bolstering its commitment to sustainability. This financing, consisting of $700 million in 4.25% Series 60 Notes due 2035 and $500 million in 4.85% Series 58 Notes due 2054, is part of Hydro One’s Sustainable Financing Framework (2024).

The net proceeds will be allocated to new and existing green projects that meet the eligibility criteria defined in the 2024 Framework. These projects are pivotal to Hydro One’s strategy to support environmental sustainability across Ontario. “This offering is a testament to our continued commitment to advancing green energy initiatives,” said a Hydro One spokesperson.

In the interim, Hydro One may use the proceeds for debt repayment or other investments, in line with their liquidity management policies. However, it’s important to note that while Hydro One intends to allocate these funds as described, failure to do so will not constitute a default under the trust indenture governing the Notes.

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The Notes were offered in Canada through a syndicate of agents on a best efforts basis. The offering, governed by a short form base shelf prospectus filed on February 28, 2024, is expected to close on August 20, 2024. Investors can find detailed information about this offering on the Canadian Securities Administrators’ website.

This offering underscores Hydro One’s strategic focus on sustainability, aligning their financial strategies with environmental stewardship goals.