On February 9, 2022, Scotiabank signed a 15-year renewable energy Power Purchase Agreement (PPA) for solar energy in Alberta from a new, to-be-constructed 40 MW project, northeast of Cardston, Alberta with Evolugen, a leader in the renewable energy industry.

Once it’s completed, The Bank of Nova Scotia will become the sole proprietor, purchasing 100 percent of the emission-free renewable electricity generated by the facility. 

Construction of Spring Coulee Solar is scheduled to begin in Summer 2022 with operations commencing in 2023. In its first year, Evolugen's Spring Coulee Solar facility is expected to generate close to 60,000 MWh of renewable electricity.

Osler, Hoskin & Harcourt LLP advised The Bank of Nova Scotia with a team consisting of Jacob Sadikman and Alexander McGillivray (Construction).

Torys acted as counsel to Cardston Spring Coulee Solar, a subsidiary of Evolugen by Brookfield Renewable.