Northwind Heavy Water
Northwind Heavy Water Notes
Fixed-rate notes on two operating heavy water units that burn natural uranium and need no enrichment at all.
Heavy water reactors run on natural uranium, which removes enrichment from the supply chain entirely and with it a whole category of geopolitical exposure. Both units are in commercial operation under Canadian license with a regulated provincial contract. Regulation A is available to issuers organized in the United States or Canada, which is why a Canadian project can appear here while Regulation S offerings cannot.
$38,115,000 committed of $55,000,000
$38,115,000 released · 69% subscribed
- Minimum
- $500
- Target coupon
- 5.75%
- Term
- 10 yr
- Investors
- 4,106
$100 per unit
Annual, fixed
Closes December 31, 2026 · 109 days remaining
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TRL assessment
9
Technology readiness level, 1 to 9
Confidence band 8.9 – 9.0
Two units in commercial operation under a Canadian license with a regulated provincial contract. Heavy water reactors on natural uranium are among the most operationally proven designs in existence, and the evidence is decades of metered output rather than analysis. The residual risk is pressure tube life and currency, neither of which is a TRL question.
At TRL 9, the ladder permits Revenue share or Fixed-rate note or Municipal mini-bond and releases up to 100% of committed capital. This offering is structured as a fixed-rate note, which is consistent with that band.
Signed and published
- Reviewer
- Dr. Helena Vargas-Mbeki
- Credential
- PE, Nuclear; former NRC senior reactor analyst
- Signed
- May 21, 2026
- Published
- May 22, 2026
- Methodology
- v1.4
- Model
- ci-trl-2026.06
- Generated
- May 16, 2026
Evidence
Every score cites the documents it was derived from, with the weight each carried. An assessment without evidence is an opinion.
| Source | Document | Date | Weight |
|---|---|---|---|
| Metered output | Operating history and capacity factor, both units Provincial system operator settlement data Trailing five-year capacity factor above 88% across both units. | Apr 30, 2026 | 44% |
| Operating license | Power reactor operating license, in good standing CNSC license, renewed term Renewed with no outstanding enforcement actions. | Aug 14, 2025 | 31% |
| Independent test report | Pressure tube fitness-for-service assessment Independent inspection campaign, elongation and hydrogen uptake Unit 4 within limits to 2034; Unit 3 requires the refurbishment this offering funds. | Mar 11, 2026 | 25% |
Score history
A score changes on the day a reviewer signs a new assessment, which is why this is a step line rather than a curve.