Celebrating 5 Years of Green Bonds

Dear Green Bondholders, 

This year marks an important milestone for RE Royalties. Five years ago, we launched our inaugural Series 1 Green Bond—an innovative financing solution designed to accelerate investment in renewable energy projects. At the time, it was an ambitious step forward. With your trust and support, it has proven to be a success. 

Your investment has enabled RE Royalties to expand our portfolio and provide capital to a range of renewable energy projects that are contributing meaningfully to the transition toward a low-carbon economy. Together, we have demonstrated that innovative financial products can deliver both measurable environmental impact and attractive financial returns. 

We are especially proud that our Green Bond Framework received a “Dark Green” rating from S&P Global Ratings Shades of Green, the highest possible rating. This recognition underscores the quality and integrity of the projects we finance and reflects our continued commitment to supporting the development of sustainable infrastructure and renewable energy across North America and beyond. 

Since the launch of our green bond program in 2020, RE Royalties has successfully raised approximately $45 million Canadian dollars through subsequent issuances in 2021 and 2023. Each issuance aligns with the International Capital Market Association (ICMA) Green Bond Principles, ensuring that all proceeds are allocated exclusively to projects that deliver tangible environmental benefits. 

In October 2025, we made the first tranche repayment of our Series 1 green bond, marking a major milestone for our company and validation of our model.

This achievement not only fulfills our commitment to our Series 1 bondholders, but it also demonstrates that green bonds work—as a viable, credible, and impactful form of sustainable investment. 

Looking ahead, we invite you to continue this journey with us by becoming a shareholder of RE Royalties. As a shareholder, you will be part of our future growth and play a direct role in advancing renewable energy and climate solutions. Your participation helps guide our strategic direction and strengthens our ability to create long-term value for both investors and the environment. 

On behalf of our Board of Directors and the entire RE Royalties team, I want to extend my sincere appreciation for your ongoing trust and support. Together, we will continue to be a key capital partner in financing renewable energy projects and accelerating the transition to a more sustainable future. 

Sincerely, 

Bernard Tan 

Chief Executive Officer 

RE Royalties