Canada Growth Fund invests in Ontario energy sector

Markham’s Pan Am Centre, which hosted four 2015 Pan Am/Parapan Am Games competitions, connected to Markham District Energy in 2014.

Canada Growth Fund has partnered with Markham District Energy Inc. (MDE) in Markham, ON to create a financial hedge contract enabling new investment in the province’s energy sector.

The 10-year contract for difference (CfD) will allow MDE, the operator of district energy networks in Markham, to invest in a new heat pump system to provide cost-competitive low carbon energy services. The company’s heat pump system will harness a nearby sewer as a heat sink for thermal energy, and will replace existing technologies that burn natural gas. The project uses Noventa Energy Partners’ Wastewater Energy Transfer technology for extracting thermal energy from wastewater.

Construction of the new system will support up to 200 jobs, while the new technology is projected to reduce approximately 177,400 tonnes of CO2 emissions over the 10 year CfD term.

Canada Growth Fund Inc. is a $15 billion public investment vehicle with a mandate to accelerate emissions reduction technologies in Canada, including by providing CfDs to lessen risk and cost around decarbonization projects. The CfDs are designed to be replicated and scalable over time.

Canada Growth Fund

Markham District Energy

 

 

 

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