Canada refinances funding stream for renewables and grid modernization technology – SPE

The Canadian government is investing an additional CAD500 million in its clean electricity program for Canadian utilities and system operators.

The funds will be delivered through the Smart Renewables and Electrification Pathways program (SREPs) Utility Support Stream and will support the development of clean electricity infrastructure, such as renewable energy technologies, energy storage and grid modernization technologies that strengthen the electric grid.

The new investment is the first since the funding stream, which originally launched in 2021, was recapitalized by almost CAD 2.9 billion in Canada’s 2023 budget. Total investments in the funding stream since inception now stand at CAD 4.5 billion .

The first of a number of intake processes planned following the latest investment is now underway, with utilities, system operators and industry associations looking to enable greater integration of renewable energy or expand transmission and distribution systems have been invited to participate in a to submit a request for expressions of interest in the plan.

The government said more intake processes for other types of projects will be launched in the coming months.

Jonathan Wilkinson, Canada’s Minister of Energy and Natural Resources, said the program is “already providing Canadian communities across the country with affordable and clean energy, while reducing greenhouse gas emissions.”

“This next step will allow us to support even more projects as we work with provinces, territories, Indigenous governments and non-governmental partners as we work toward our shared goal of an energy-efficient and money-saving clean grid,” Wilkinson said.

Figures from the Government of Canada website show that SREPs have approved funding for 72 projects since 2021, enabling the deployment of approximately 2,700 MW of new renewable energy capacity – enough electricity to power 700,000 households annually.