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Summary
Today, Canada Growth Fund Inc. ("CGF") and Markham District Energy Inc. ("MDE"), an operator of district energy networks in the City of Markham, Ontario, announced they have entered a financial hedge to enable new investment in Ontario's energy sector. This 10-year contract for difference ("CfD") enables MDE's investment in a new heat pump system that will provide residents in the City of Markham with reliable, efficient, and cost-competitive low carbon energy services.
MDE supplies homeowners and businesses in Markham with heating and cooling services. MDE is building an innovative heat pump system which harnesses the steady temperature of a nearby sewer as a heat sink for thermal energy (the "Project") and replaces existing technologies that burn natural gas. During its construction period, the Project is estimated to support up to 200 jobs in Ontario. The Project has the potential to reduce approximately 177,400 tonnes of CO2e emissions over the 10-year CfD term.
"With the help of Canada Growth Fund, Markham District Energy is now in a position to make a final investment decision on our innovative wastewater heat recovery project," said Bruce Ander, President and CEO of MDE. "This project will materially reduce our carbon emissions and will support our path to becoming a net-zero carbon utility while providing our customers with competitively priced and reliable thermal energy. A winning outcome for Canada, Markham and our customers."
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