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Renewable Energy Investment
Opportunities in Canada
Greater Toronto Marketing Alliance and
Confindustria
Thomas J. Timmins
Chairman, Renewable Energy Practice
Gowling Lafleur Henderson LLP
About Gowlings
 Offices in all major business centres across Canada – Toronto, Hamilton, Waterloo
Region, Ottawa, Montréal, Calgary and Vancouver
 International offices in Beijing, London and Moscow
 Seamless 24 hour service around the world
 Gowlings’ Renewables Group: active on every continent and in every Canadian
jurisdiction
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Canada
Canada’s Generation Mix
Conventional Steam
89,400,000 MWh
15%
Nuclear
91,000,000 MWh
15%
Internal Combustion
1,200,000 MWh
0%
Combustion Turbine
28,000,000 MWh
5%
Hydro
376,400,000 MWh
63%
Tidal
30,000 MWh
0%
Wind
8,700,000 MWh
2%
Data : Canadian Electricity Association
Total Utility Generation: 594,900,000 (MWh)
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Our North-South Oriented Grid
Source: Natural Resources Canada, 2009
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The Constitution Act, 1867
Who governs electricity in Canada?
 Federal state with:
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One federal government
Ten provincial governments
Three territories
Thousands of municipalities
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Canada Renewables Summary
SOLAR
 PV market grew 5.5 times per year for the period between
2006 to 2012
 Ontario currently has over 30 solar module and inverter
manufacturers present in the province
 Canadian Solar PV market is expected to grow from less
than 500 MW per year between 2011 and 2015 to up to:
 1,000 MW per year from 2016 to 2020
 1,500 MW per year from 2021 to 2025
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Canada Renewables Summary cont.
WIND
 6,578 MW of installed capacity -9th largest
 2012 saw 936 MW of new capacity ($3.0 Billion)
 Expect to see $28 billion invested by 2014
 Sample provincial targets:
 Ontario: 4,600 MW by 2020
 Quebec: 4,000 MW by 2016
 Manitoba: 1,000 MW by 2016
 B.C.: 784 MW by 2014
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Canadian Financial Markets
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Faired well during global recession
Surpluses of 1.7% of GDP / 2007
Deficits of 5.2% of GDP / 2009
Federal rating: AAA/Aaa
Ontario: AA-/Aa2
Infrastructure deficit
Vast territories – historic trends
Pension funds of US$806 billion (62.9% of GDP)
Demographic trends – move toward fixed income
Infrastructure investment abroad
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Key Programs in Canada
Ontario’s FIT
 Contract price
 11.5 ¢/kWh –Wind
 10.4-19.5 ¢/kWh –Biogas
 34.7-54.9 ¢/kWh –Solar PV
 Domestic Content – Reduced
 On shore wind 20% minimum
 Solar PV 19-28% minimum
 Length of contract: 20-50 years
 Security Deposits:
 $10/KW Application
 $20/KW Contract Offer
 $10/KW NTP
 Consumer Price Index (CPI)
 OPA offtaker (AA-/AA1)
 Community/Aboriginal Price Adders
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Ontario Feed-in Tariff (FIT) Projects
 Ontario’s Feed-in Tariff (FIT) program
 2,500 FIT and 11,000 microFIT contracts
 10,000 MW of contracted projects to be built
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Wolfe Island Wind Farm
Progetti di esempio Ontario
Città di Tecumseh su tetto FIT Progetto solare
 2.212 pannelli sul
tetto di arena
comunale
 500 kW DC
• 590 MWh
all'anno AC
•86 Siemens 2.3 MW Turbines
•398,013 MWh all'anno
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Ontario Feed-in Tariff (FIT) Summary
Town of Tecumseh On-roof FIT solar Project
 $3.2 million
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project
2,212 panels on
40,000 sq. ft roof
of municipal
arena
500 kW DC Rated
590 MWh per
year AC Output
Financed by
Issuing “Green
Shares”
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Ontario Feed-in Tariff (FIT) Summary
M’Chigeeng First Nation MERE Wind Project
 4MW communityowned project
 Two 2MW
Enercon turbines
 Can generate up
$300,000 net per
year for first 14
years
 $1.6 million/year
after loans repaid
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Ontario Feed-in Tariff (FIT) Summary
Longhurst Solar Project
 Solar Rooftop
Project
 Project Size: 90
kW
 Family owned
and managed
 Located on farm
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Key Programs Across Canada cont.
Saskatchewan – RFPs – 175 MW in process
B.C. – new call expected 2013
Alberta – no target, competitive market
Quebec – 800 MW of wind energy -regulation
published August, 2013
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Ontario Clean Technology Alliance
• Durham Region, Halton Region, Department of Foreign
Affairs, Ontario Ministry of Economic Development,
Trade and Employment, Ministry of Research and
Innovation
• Feed-in Tariff Program
• SDTC SD Tech Fund — $590 million fund for late-stage clean
technology solutions
• SDTC NextGen Biofuels Fund — $500 million to support establishment of firstof-kind commercial scale facilities
• Ontario Innovation Demonstration Fund — up to $4 million to help
commercialize innovative technologies
• Ontario Power Authority Conservation Fund — up to $500,000 per project for
pre-commercial technologies
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Thank You
Thomas J. Timmins
Chairman, Renewable Energy
Tel: (416) 369-6689
[email protected]
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