Photo: Pembina Institute
CALGARY — The Business Renewables Centre–Canada’s newly launched corporate renewable energy deal tracking tool — the BRC-Canada Deal Tracker — captures the dynamic growth in renewable energy development in Canada right now, driven by corporate demand. This tool, which will be updated quarterly in the future, is the first public curation of announced corporate and institutional deals for renewable energy projects in Canada.
Deals to buy renewable energy to supply corporate demand are now among the biggest drivers of new wind and solar energy development in Canada and 2021 is already a record-breaking year for new corporate renewable energy procurement. With an influx of new deals in April, agreements announced to date have a total cumulative capacity of 685 MW — the equivalent of powering almost 225,000 homes each year, or half of Calgary’s households. More than a third of these deals have been announced this year alone, pushing new investment in Alberta past $1 billion.
The BRC-Canada Deal Tracker demonstrates a growing trend in Canada for corporations and institutions to purchase renewable energy directly from developers, called “non-utility procurement.” Alberta is the ideal place for such deals because of its deregulated market, which provides buyers the flexibility to negotiate contracts directly with developers.
The BRC-Canada Deal Tracker can be found at businessrenewables.ca/deal-tracker. A more comprehensive look at individual deals will be available for BRC-Canada supporters. BRC-Canada is an initiative of the Pembina Institute.
Quotes
“It’s exciting to see new records being set, and quickly. The BRC has tracked corporate deals over the past few years, and within days of each other, we saw the largest deal to date in Canada announced, followed by the largest solar deal. In the first four months of 2021, we’ve already surpassed previous annual highs in both number of deals and total capacity.
“Corporate buyers making their first investment in Canada shows the economic development opportunities that the renewable energy industry has to offer Canada, and Alberta in particular.
— Rebecca Nadel, Director, Business Renewables Centre-Canada
“Every deal announced to date is for a project located—or which will be built—in Alberta. This growth translates into significant economic development for Alberta, including construction jobs, local infrastructure development, tax revenue, landowner income, and other associated economic impacts. In partnership with renewable energy developers, these corporate buyers—which range from energy companies to the banking and telecom sectors—are advancing Canada's progress toward our net-zero future with cost-effective, clean energy.”
— Chris Severson-Baker, Alberta Regional Director, Pembina Institute
Quick facts
- Deals announced since the start of 2019 are fostering approximately $1.3 billion CDN in new renewable energy investment in Alberta
- Deals to buy renewable energy to supply corporate demand are now among the biggest drivers of new wind and solar energy development in Canada
- Growth in solar projects in particular has skyrocketed. Deals announced since the start of 2019 have multiplied the amount of contracted, utility-scale solar in place in Alberta by 30-fold
Contact
Jill Sawyer
Senior Communications Lead, Pembina Institute
587-585-4522