On July 11, 2024, Canada Growth Fund Inc., Gibson Energy Inc. and Varme Energy Inc. announced a strategic partnership to accelerate the development of Canada’s first waste-to-energy facility with carbon capture technology. The proposed facility would be constructed though the partnership and operated by Gibson. Should the project reach a final investment decision, Canada Growth Fund would provide a carbon price assurance mechanism in the form of a Carbon Credit Offtake to purchase up to 200,000 tonnes per annum of compliance grade carbon credits generated by the project at an initial price of $85 per tonne for a term of 15 years.

Canada Growth Fund is a $15 billion arm’s length public investment vehicle that helps attract private capital to build Canada’s clean economy by using investment instruments that absorb certain risks in order to encourage private investment in low carbon projects, technologies, businesses, and supply chains.

Osler, Hoskin & Harcourt LLP advised Canada Growth Fund with a team consisting of Shahir Guindi, Kelsey Armstrong (Corporate), Jake Sadikman and Paula Olexiuk (Construction & Infrastructure).

MLT Aikins LLP acted as advisor to Varme Energy Inc.