Ontario raises $750M in Green Bonds for infrastructure
February 6, 2016 by On-Site Magazine
Eight Ontario infrastructure projects will receive additional funding as a result of the province insuing its second Green Bond worth $750 million in capital.
The eight infrastructure projects include improving transit, education, health care and creating jobs in communities across Ontario.
The projects include:
Eglinton Crosstown LRT (Toronto)
This project will receive up to $402 million to help build the LRT, such as constructing electric powered transit vehicles that produce near-zero emissions.
York VivaNEXT Bus Rapid Transit Expansion (York Region)
This project will receive up to $100 million to improve access to public transit which will contribute to decreasing greenhouse gas emissions.
This project will receive up to $200 million to help reduce greenhouse gas emissions by using electricity instead of diesel in trains and LEED® gold-level certification for all Regional Express Rail stations and facilities.
Sheridan College Hazel McCallion Campus Expansion (Mississauga)
This construction project will receive up to $68 million and the new building will be one of the most energy-efficient academic buildings in North America.
St. Joseph’s Health Care West 5th Campus (Hamilton)
This new campus will receive up to $14 million and was constructed to achieve LEED® gold-level certification that includes 90 per cent of construction materials coming from landfills and recyclable products and high-efficiency plumbing fixtures to reduce water usage by 20 per cent.
St. Joseph’s Healthcare (London and St. Thomas)
Both buildings will receive up to $5 million in total and were constructed to achieve LEED® gold certification and incorporate several environmentally responsible features.
Waypoint Centre for Mental Health Care (Penetanguishene)
This new facility will receive up to $2 million and was constructed to achieve LEED® gold-level certification through focus on healthy indoor environments and the efficient use of energy, water and other resources.
Centre for Addiction and Mental Health (Toronto)
The redevelopment of the Centre for Addiction and Mental Health Queen Street site will receive up to $2 million and was designed to achieve LEED® gold-level certification that will reduce energy costs by 27 per cent and include green spaces.
“Green bonds build on our track record of infrastructure investments and support this government’s commitment to priority transit projects like the Eglinton Crosstown, York Viva Bus Rapid Transit and GO Regional Express Rail,” said Ontario Minister of Transporation Steven Del Duca. “These investments will help to manage congestion, connect people to jobs and improve the economy and residents’ quality of life.”
- Pioneered by the World Bank in 2008, green bonds are a tool to raise capital for a project with specific environmental benefits.
- This set of Ontario green bonds was issued globally, primarily to institutional investors.
- Altogether, 52 investors participated in the trade, including investors with green mandates and/or United Nations-supported Principles for Responsible Investment (PRI) signatories representing 70 per cent of overall sales. The PRI is an international network of investors’ working to incorporate sustainability issues into their investment decision making and ownership practices.
- On January 22, 2016, Ontario successfully priced a $750 million bond with a maturity date of January 27, 2023.
Print this page