Refinances SREP To Now A Cumulative CAD 4.5 Billion Fund To Back Greater RE Integration
Key Takeaways
- Canada has increased the funding of its SREP program by another CAD 500 million
- It will back the clean energy integration efforts of utilities, system operators and industry organizations
- It has also launched an EOI round for USS, to be followed by several similar intake processes
The Canadian government has pumped another CAD 500 million ($363 million) into its Smart Renewables and Electrification Pathways Program (SREP) Utility Support Scheme. The program aims to support clean electricity projects of Canadian utilities and system operators.
This is the 2nd time Canada has recapitalized the SREP program. It previously announced nearly CAD 2.9 billion for the scheme in Budget 2023, having launched it in 2021 to projects that reduce dependence on fossil fuel generation and create pathways for a stronger electricity grid system.
Since its launch in 2021, SREP has approved funding for 72 projects representing a combined 2.7 GW of new renewable energy capacity that can power 700,000 homes annually. Of these 72 projects, 61% have indigenous ownership. Solar PV makes up the largest chunk with 27 projects, followed by 18 wind energy facilities and 12 energy storage projects, among others.
In Budget 2023, the country re-capitalized the program with an additional CAD 2.9 billion for 13 years to decarbonize the electricity sector and ensure a clean grid. With the addition of CAD 500 million, the overall investment in the scheme now adds up to CAD 4.5 billion (see $3.26 billion).
The latest investment will pave the way for several intake processes, starting with the request for expressions of interest for the Utility Support Stream (USS). This round is now open to utilities, system operators and industry organizations. Beneficiaries will be awarded with funds to enable greater renewable energy integration or expand transmission and distribution systems while maintaining reliability and affordability.
It plans to launch more such intake processes over the next few months. Canada sees SREPs as actively supporting the country’s ongoing transition to a net-zero economy by 2050.
Canada’s Minister of Energy and Natural Resources Jonathan Wilkinson said, “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.”
Source from Taiyang News
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