OPG completes financing for the Lower Mattagami expansion

摘要

Ontario Power Generation (OPG) announced in October that it had finalized debt financing for the Lower Mattagami river expansion project with the closure of a C$ 220 million private placement bond offering. The bond placement, at a fixed annual interest rate of 2.307 per cent due on 21 October 2026, was the seventh issue of senior secured bonds used to refinance commercial paper or other indebtedness, which collectively completes the $1.8 billion debt financing required for the project, the company said. The C$ 2.6 billion project, in partnership with the Moose Cree First Nation, comprised the replacement of the Smoky Falls facility with a new three-unit 267 MW station, as well as the addition of one new unit at the Little Long, Harmon and Kipling plants, increasing the total installed capacity of the Lower Mattagami complex by 438 MW to 924 MW. Construction began in June 2010 and all new units were in service by the end of 2014, ahead of their respective target completion dates and below budget. The redevelopment and expansion is supported by a long-term Hydroelectric Energy Supply Agreement with the In- dependent Electricity System Operator, formerly known as the Ontario Power Authority.