Canadian fuel-cell company, Ballard Power Systems has announced that it has closed an upsized $550 million bought deal offering of common shares. The company sold 14.87 million common shares at a 7 per share. It has the potential to raise up to 82.5 million in additional proceeds if the underwriters use their option to buy up to 2.23 million more shares within 30 days to cover over-allotments.
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The Government of Canada is working with partners to reduce northern communities’ reliance on diesel for heating and electricity by increasing the use of local renewable energy sources and improving energy efficiency. To this end, the Northern Responsible Energy Approach for Community Heat and Electricity Program (Northern REACHE) has provided $88,000 to Nihtat Energy Limited to undertake a pre-feasibility study to assess the viability of developing biomass district energy systems in Inuvik.
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Caisse de dépôt et placement du Québec, a Canadian pension fund is investing $1-billion in a Taiwanese offshore wind project in its latest of a string of renewable-energy acquisitions. The Qubéc-based fund will acquire a 50 per cent stake in the Greater Changhua 1 Offshore Wind Farm developed by Ørsted. The acquired project has a total installed capacity of 605 MW and is valued at $3.4 billion.
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Canada has offered a temporary waiver on debt payment of about $644 million for developing Newfoundland and Labrador’s Muskrat Falls hydroelectric power plant. The waiver is expected to provide some relief to a province which is already in debt.
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Several jurisdictions across Canada have already adopted strategies to increase ZEV uptake. In Quebec, the 2015–2020 Plan d’action en electrification des transports includes measures to promote electric transportation, develop the industry, and create a favorable environment. Similarly, the City of Toronto’s 2020 Electric Vehicle Strategy assists the strategy’s goal of transportation using 100% zero-carbon energy sources by 2050.
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The world has about 160 GW of pumped storage installed capacity at the moment – storing at least 9,000 GWh of electricity. Indeed over 94 per cent of the world’s entire energy storage is pumped hydro. We need to double this capacity: that’s another 160 GW. But if the market structures are ill defined, investors won’t fund these projects.
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