Department of Finance Canada announced the Canada Growth Fund's third investment.
The 2023 Fall Economic Statement announced that the Canada Growth Fund will be the principal federal entity to issue carbon contracts for difference, including allocating, on a priority basis, up to $7 billion of its current $15 billion in capital to issue all forms of contracts for difference and offtake agreements.
The Canada Growth Fund is a $15 billion arm's length public investment vehicle launched by the federal government to attract private capital and invest in Canadian projects and businesses, which is led by Canada's world-leading public sector pension professionals.
Finance Canada said the Canada Growth Fund had committed $1.34 billion across investments including geothermal technology, a carbon contract for difference, and climate-fund financing.
I welcome and celebrate the $50 million investment by the Canada Growth Fund in Montréal-based Idealist Capital.
For project sponsors, public financing and investment tax credits can affect whether major industrial, clean-energy, or resource projects are economic enough to proceed.