OMERS to refurbish six Bruce Power reactors in Canada

The Ontario (Canada) Municipal Employees Retirement System (OMERS) and Bruce Power have reached an agreement late last week with the Independent Electricity System Operator (IESO) to facilitate refurbishment projects on six Bruce Power reactors over 20 years.

Under the agreement, these reactors' lifespans will be extended approximately 30 to 35 years.

OMERS invested in a similar refurbishment project that brought two nuclear reactors belonging to Bruce Power into operation in 2012, and OMERS said the reactors have been performing well since then.

"We have been an investor in Bruce Power for the past 12 years and are very pleased with this significant opportunity to deploy additional capital incrementally through the refurbishment projects,” OMERS Private Markets Chief Investment Officer Michael Rolland said. “We continue to seek high-quality infrastructure assets that generate steady cash flow to help pay pensions, and our investment in Bruce Power fits this strategy very well."

Other investors in Bruce Power refurbishment projects include TransCanada, the Power Workers Union and the Society of Energy Professionals.

OMERS boasts an investment portfolio that includes the transportation and energy industries, alongside other government-regulated services.