Ontario Power Generation Inc. has priced C$500 million of 4.248% medium-term Series 3 notes, due Jan. 18, 2049.

The notes will be issued and settled on Jan. 18, according to filings. The interest will be payable semi-annually on Jan. 18 and July 18, starting July 18. The securities have been rated A-Low-Stable by DBRS and BBB+ by S&P Global Ratings.

OPG plans to use proceeds from the offering to finance or refinance existing eligible power projects including the US$298 million acquisition of Eagle Creek Renewable Energy LLC.

CIBC World Markets Inc. and RBC Dominion Securities Inc. acted as co-lead agents and book runners.