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.

Georgian Bay Nuclear Station · Tiverton, ONIn commercial operationEscrow: Meridian Trust, N.A.

TRL 9 of 9, band 8.9 to 9, signed by Dr. Helena Vargas-Mbeki, PE, Nuclear; former NRC senior reactor analyst, on May 21, 2026.See the evidence it rests on

$38,115,000 committed of $55,000,000

$38,115,000 released · 69% subscribed

Released to the issuerCommitted, held in escrowRemaining

Minimum: $500
Target coupon: 5.75%
Term: 10 yr
Investors: 4,106

Closes December 31, 2026 · 109 days remaining

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