Nuclear Energy Generator Splits ESG Buyers With Green Bond (1)

A Canadian utility sold green bonds to help fund an overhaul of nuclear reactors, a rare use of proceeds that was seen as a test for sustainable debt investors.

Bruce Power LP priced C$500 million ($396.8 million) in bonds on Thursday after holding meetings this week to discuss its green financing framework, according to people familiar with the matter. It got orders for almost six times the size of the issue, said the people.

Canada’s only private-sector nuclear generator has an agreement with the Province of Ontario to refurbish six of its eight power units. That’s expected to cost several ...