Corporate get together: Canada’s $5B windfall comes from foreign investors, government says
In a statement, the Canadian government said that the $5.5 billion windfall that it expects from the sale of wind farms and hydroelectric dams comes from the foreign investors.
The announcement said that this is the first of its kind and that the total amount of foreign investment in the country will surpass $7 billion by the end of this year.
“Canada’s record on wind and solar energy is a testament to the leadership and creativity of our energy sector and the fact that it is an attractive investment destination for foreign investors,” the statement said.
The government said the investment in offshore wind and other renewables will boost the economy, create jobs and reduce greenhouse gas emissions.
In addition, the government said it will increase investment in energy efficiency and renewable energy by $1.3 billion.
“Investing in these clean, affordable sources of energy is the best way to help Canadians achieve their economic, social and environmental goals,” it said.
Canadian Pacific, the country’s largest wind farm operator, is expected to invest $3.3 million in the Canadian Wind Energy Development Authority and $1 million in a new $2.6 billion wind farm in Newfoundland and Labrador.
Canadian Oil Sands, which owns the largest offshore wind farm, will invest $1 billion in a wind farm near Cape Breton, N.S. The company also announced it will buy a 40-hectare wind farm and install it in the Arctic Ocean off the Atlantic coast of Newfoundland.
It will also invest in a project to develop an offshore oil platform in the Beaufort Sea off the coast of Canada.
All three of the Canadian wind energy projects are located in Atlantic Canada.