The Ontario Ministry of Energy has announced the launch of the second phase of the Large Renewable Procurement (LRP) process (LRP II). The LRP is a competitive bid process for procuring large renewable energy projects in Ontario larger than 500 kilowatts.… Continue Reading
Today, the Independent Electricity Systems Operator (IESO) announced the results of the Large Renewable Procurement (LRP) I program. The LRP is a competitive bid process for procuring large renewable energy projects in Ontario generally larger than 500 kilowatts.
In response to 103 proposals received, the IESO offered 16 contracts representing 454.885 megawatts (MW) of renewable energy capacity. Of the successful proposals, 13 projects representing 336.8 MW include participation from one or more Aboriginal communities, including 5 projects with greater than 50% participation. More than 75% of the awarded proposals had received support from local municipalities with more than 60% support … Continue Reading
As part of our continuing series of blog posts highlighting specific topics addressed in our publication Canadian Power: Key Developments in 2015 /Trends to Watch for in 2016, we focus here on our analysis of developments and anticipated trends in Project Finance, including future opportunities in 2016.
The National Power Group at McCarthy Tétrault LLP recently released Canadian Power: Key Developments in 2015 /Trends to Watch for in 2016. This publication provides an unprecedented overview of the most significant developments in the Canadian power industry and to highlight key trends to watch for. In addition to providing … Continue Reading
The National Power Group at McCarthy Tétrault LLP is pleased to introduce Canadian Power: Key Developments in 2015 /Trends to Watch for in 2016. This publication provides an unprecedented overview of the most significant developments in the Canadian power industry and highlights key trends to watch for. In addition to providing a detailed review of developments in each region, we look at developments in key areas of national scope, including project finance, environmental, regulatory and aboriginal law matters.
A full pdf version of Canadian Power: Key Developments in 2015 / Trends to Watch for in 2016 can be accessed … Continue Reading
On April 7, 2015, the Minister of Energy issued a direction (the “Direction”) to the Independent Electricity System Operator (the “IESO”) directing it to make certain changes to the Feed-in Tariff (FIT) program, while noting there are no substantial changes to be made to the microFIT program in 2015. The Direction is effective as of April 7, 2015.
We are delighted to announce our partnership with HEC Montréal’s new Chair in Energy Sector Management, which is held by renowned expert on energy policy Professor Pierre-Olivier Pineau. The new Chair is dedicated to advancing knowledge of energy issues, with a view to optimizing energy systems and ensuring that there are adequate energy sources to meet society’s needs. In its role as partner to the Chair, McCarthy Tétrault will contribute a total of $100,000 over a five-year period. Our very own Marc Dorion will serve on the Chair’s advisory committee.
The 2014 edition of the IFLR 1000 Guide to the World’s Leading Financial Law Firms has been published, and we are delighted to announce that we are ranked in Tier 1 in the Project Finance category.
The 2013 edition of the Clean Energy Canada Finance Guide is out, and we are pleased that we have again topped the Canadian league tables for renewable energy transactions. In particular, we are credited as having advised on:
- the highest number of eligible project finance transactions: a total of 16 deals collectively valued at $2.9 billion
- the highest number of eligible M&A, private equity and venture capital transactions: a total of 7 deals collectively valued at $2.09 billion
Ontario’s feed-in-tariff (“FIT”) program has attracted billions of dollars in private-sector investment and resulted in a significant amount of project financing activity since its introduction in 2009. Yet with Ontario on track to procure 10,700 MW of non-hydro renewable energy by 2015, the Ontario government is now moving away from large FIT. In early 2012, the Ontario government reduced FIT rates due to potential overcapacity and nearly maxed-out transmission lines and, more recently, ended the FIT program for projects over 500 kW. The existing backlog of renewable energy projects will require an estimated $7 billion of debt to finance. Notwithstanding … Continue Reading
What is the most efficient way to organise the 80 licensed Local Distribution Companies (LDCs) scattered across Canada’s largest province? And how can the government of Ontario encourage much-needed private investment in the LDC sector?
The Ontario Distribution Sector Review Panel recently sought to answer these questions in its report, Renewing Ontario’s Electricity Distribution Sector. The report proposed that 73 of Ontario’s LDCs should be consolidated by the provincial government into 8 to 12 regional entities. These larger regional entities, they argued, would be better suited to lowering costs and attracting inflows of private sector capital. Larger LDCs could, … Continue Reading
In Ontario, there hasn’t been much talk of the launch by the Kingdom of Saudi Arabia of its ambitious 54,000 MW renewable energy program. There should be: the sun-soaked country is intent on developing 41,000 MW of solar power capacity alone – well over twice Ontario’s 15,700 MW goal across all renewable sectors.
Saudi Arabia is intent on developing 41,000 MW
of solar power capacity alone – well over twice
Ontario’s 15,700 MW goal across all renewable sectors.
As recent as 2011, Saudi Arabia had no targets for renewable energy. British Petroleum estimates that “less than 1% of Saudi energy … Continue Reading
On March 26, 2013, Ontario’s Deputy Energy Critic Lisa Thompson introduced Private Members’ Bill 39 to the legislature. Although this bill did not make beyond a first reading, it could have had a significant impact on developers and lenders in the project space by limiting the pipeline of potential renewable energy projects in Ontario.… Continue Reading