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Released February 22, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Projects in support of environmental, social and governance (ESG) initiatives continue to pop up across Canada as a host of industries continue to decarbonize their operations and add renewable sources of energy. Industrial Info is tracking US$24 billion worth of ESG-related projects in Canada that are under construction, with about 80% of the spend attributed to renewable-generation and electric vehicle (EV)-related projects.
The highest-valued ESG project underway in Canada is attributed to the addition of hydropower generation. According to the most recent data from Statistics Canada, the federal government's statistics arm, hydropower accounted for about 56% of the country's total generation in November 2023; in comparison, wind and solar power made up about 9%.
BC Hydro (Vancouver, British Columbia) is at work on constructing the US$6.3 billion Site C Dam Project in Fort St. John, British Columbia (B.C). The six-unit, 1.1-gigawatt (GW) hydroelectric power station would be the third dam and generating station on the Peace River in northeast B.C. According to the project website, it is designed to provide about 5,100 gigawatt-hours of energy each year to the province's electricity grid--enough to power about 450,000 homes per year.
In November, BC Hydro announced the project was more than 80% complete, with first power expected this year. It expects all six generating units will be in service by 2025. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a detailed project report.
Also underway is the US$502.2 million first phase of Acciona Energy's (Alcobendas, Spain) Forty Mile wind project near Bow Island, Alberta. It entails erecting 49 turbines, each rated at 5.7 MW, to achieve nameplate generation of about 280 MW. Construction is expected to wrap up in 2025; former owner RES Canada (Montreal, Quebec), a division of RES Group (Kings Langley, England), is still involved in the windfarm's construction as a developer and engineering, procurement and construction (EPC) provider. Subscribers can click here for the project report.
Three non-renewable generation projects account for more than US$10 billion of investment, including two EV battery projects that have funding agreements in place with the federal and Ontario governments. Volkswagen AG (Wolfsburg, Germany) is building its first battery plant in North America--a C$5.3 billion (US$4 billion) battery cell-manufacturing plant in Saint Thomas, Ontario--which would feature an annual production capacity of 90 gigawatt-hours. Completion is estimated for the beginning of 2027. Meanwhile, the funding allowed a joint-venture project between LG Energy Solution Limited (LGES) (Seoul, South Korea) and Stellantis (NYSE:STLA) (Amsterdam, Netherlands) to restart. The US$3.6 billion EV battery-manufacturing plant in Windsor, Ontario, which sits across the border from Detroit, Michigan, is expected to supply 45 gigawatt-hours per year of batteries for Stellantis' plants; first production is expected to begin this year. Subscribers to the GMI Industrial Manufacturing Project Database can read more information on the Saint Thomas and Windsor projects.
In terms of other industry sectors, Braya Renewable Fuels (Dallas, Texas) expects its Phase 1 refinery-to-renewable diesel conversion in Come by Chance, Newfoundland, will wrap up at the end of February. The new facility will initially supply up to 18,000 barrels per day of renewable diesel and sustainable aviation fuel (SAF) from used cooking oil, corn oil and animal fat. Although a Phase 2 expansion has been deemed as having a low probability (0-69%) of progressing as planned by Industrial Info, in November, Braya announced two transactions to support the conversion and provide working capital. Braya closed a supply and offtake agreement with energy trading company Macquarie Energy Canada, an affiliate of Macquarie Group's commodities and global markets group, to provide inventory modernization for renewable feedstocks and products. Braya also closed a $75 million loan to further the conversion project, which could feature a total capacity of 36,000 barrels per day should the proposed second phase come to fruition. Subscribers to the Alternative Fuel Project Database can read the project reports on Phase 1 and Phase 2.
Subscribers to the GMI Database can click here for all project reports mentioned in this article and here for related plant profiles.
Click here for a full list of ESG-related projects underway in Canada.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
The highest-valued ESG project underway in Canada is attributed to the addition of hydropower generation. According to the most recent data from Statistics Canada, the federal government's statistics arm, hydropower accounted for about 56% of the country's total generation in November 2023; in comparison, wind and solar power made up about 9%.
BC Hydro (Vancouver, British Columbia) is at work on constructing the US$6.3 billion Site C Dam Project in Fort St. John, British Columbia (B.C). The six-unit, 1.1-gigawatt (GW) hydroelectric power station would be the third dam and generating station on the Peace River in northeast B.C. According to the project website, it is designed to provide about 5,100 gigawatt-hours of energy each year to the province's electricity grid--enough to power about 450,000 homes per year.
In November, BC Hydro announced the project was more than 80% complete, with first power expected this year. It expects all six generating units will be in service by 2025. Subscribers to Industrial Info's Global Market Intelligence (GMI) Power Project Database can click here for a detailed project report.
Also underway is the US$502.2 million first phase of Acciona Energy's (Alcobendas, Spain) Forty Mile wind project near Bow Island, Alberta. It entails erecting 49 turbines, each rated at 5.7 MW, to achieve nameplate generation of about 280 MW. Construction is expected to wrap up in 2025; former owner RES Canada (Montreal, Quebec), a division of RES Group (Kings Langley, England), is still involved in the windfarm's construction as a developer and engineering, procurement and construction (EPC) provider. Subscribers can click here for the project report.
Three non-renewable generation projects account for more than US$10 billion of investment, including two EV battery projects that have funding agreements in place with the federal and Ontario governments. Volkswagen AG (Wolfsburg, Germany) is building its first battery plant in North America--a C$5.3 billion (US$4 billion) battery cell-manufacturing plant in Saint Thomas, Ontario--which would feature an annual production capacity of 90 gigawatt-hours. Completion is estimated for the beginning of 2027. Meanwhile, the funding allowed a joint-venture project between LG Energy Solution Limited (LGES) (Seoul, South Korea) and Stellantis (NYSE:STLA) (Amsterdam, Netherlands) to restart. The US$3.6 billion EV battery-manufacturing plant in Windsor, Ontario, which sits across the border from Detroit, Michigan, is expected to supply 45 gigawatt-hours per year of batteries for Stellantis' plants; first production is expected to begin this year. Subscribers to the GMI Industrial Manufacturing Project Database can read more information on the Saint Thomas and Windsor projects.
In terms of other industry sectors, Braya Renewable Fuels (Dallas, Texas) expects its Phase 1 refinery-to-renewable diesel conversion in Come by Chance, Newfoundland, will wrap up at the end of February. The new facility will initially supply up to 18,000 barrels per day of renewable diesel and sustainable aviation fuel (SAF) from used cooking oil, corn oil and animal fat. Although a Phase 2 expansion has been deemed as having a low probability (0-69%) of progressing as planned by Industrial Info, in November, Braya announced two transactions to support the conversion and provide working capital. Braya closed a supply and offtake agreement with energy trading company Macquarie Energy Canada, an affiliate of Macquarie Group's commodities and global markets group, to provide inventory modernization for renewable feedstocks and products. Braya also closed a $75 million loan to further the conversion project, which could feature a total capacity of 36,000 barrels per day should the proposed second phase come to fruition. Subscribers to the Alternative Fuel Project Database can read the project reports on Phase 1 and Phase 2.
Subscribers to the GMI Database can click here for all project reports mentioned in this article and here for related plant profiles.
Click here for a full list of ESG-related projects underway in Canada.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking over 200,000 current and future projects worth $17.8 Trillion (USD).
