Canada Growth Fund Inc.

Mandate

In Budget 2022, the Minister of Finance announced the creation of the $15-billion Canada Growth Fund (“CGF”), which was stood up as a subsidiary of Canada Development Investment Corporation (“CDEV”) in December 2022.

CGF was formed for the purpose of making investments that catalyze substantial private sector investment in Canadian businesses and projects to help transform and grow Canada’s economy at speed and scale to net zero. It 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.

One of the financial tools CGF is providing to support clean growth projects is contracts for difference, which backstop the future price of carbon and provide predictability to businesses in order to de-risk important emission-reducing projects. CGF is the principal federal entity issuing carbon contracts for difference, with an allocation of up to $7 billion of its current $15 billion in capital to issue all forms of contracts for difference and offtake agreements.

As announced in the 2023 Budget, CGF engaged the services and expertise of the Public Sector Pension Investment Board (“PSP Investments”) and its personnel in the implementation of the CGF mandate. As a result, PSP Investments incorporated Canada Growth Fund Investment Management Inc. (“CGFIM”) as its wholly owned subsidiary to provide the full suite of investment management services to CGF.

CDEV, through the CGF Board, ensures oversight and compliance, but is not directly involved in CGF’s investment activities.

The CGF Board is comprised of a Chair, Corinne Boone, CEO of Climate and Sustainable Innovation and two members, Sean Strickland, Executive Director of Canada’s Building Trades Unions, and Elizabeth Wademan, CEO of Canada Development Investment Corporation.

On October 25, 2023, CGF announced its inaugural investment, a $90-million investment in Eavor Technologies Inc., a Calgary-based geothermal energy company. Learn more about this investment here.

For more information about CGF and its investments, please visit www.cgf-fcc.ca.

Contacts

Contact the CGFIM team directly at infoCGF@cgf-fcc.ca. In sharing information, please do not provide details that could be considered as material non-public information.