Canada refinances funding stream for renewables, grid modernization tech

The government of Canada is investing CAD 500 million more in its clean electricity program for Canadian utilities and system operators.

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

The new investment is the first since the funding stream, which originally launched in 2021, was recapitalized with nearly CAD 2.9 billion in Canada’s 2023 budget. Total investment in the funding stream since its inception now totals CAD 4.5 billion.

The first of several intake processes scheduled following the latest investment is now underway, with utilities, system operators and industry organizations seeking to enable greater renewable energy integration or expand transmission and distribution systems invited to submit a request for expressions of interest to the scheme.

The government said more intake processes for other types of projects will be launched over the next few 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 power 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 common goal of an energy-efficient and money-saving clean grid,” said Wilkinson.

Figures from the Canadian government’s website show that since 2021, SREPs have approved funding for 72 projects, enabling the deployment of around 2,700 MW of new renewable energy capacity – enough electricity to annually power 700,000 homes.