Feds earmark $960 million for smart-energy projects
The federal government has committed nearly $1 billion to fund renewable-energy project and those that will upgrade the grid to make clean-power options more accessible.
Natural Resources Minister Seamus O’Regan announced the funding on June 2. The money is being delivered through a new Smart Renewables and Electrification Pathways Program (SREP) that will fund projects that focus on non-emitting, cleaner energy technologies, such as storage, and modernizing electricity system operations.
Investing in these technologies, says the government, reduces greenhouse gas emissions by creating a cleaner, more connected electrical system that helps Canada reach net-zero emissions by 2050.
“Our new Smart Renewables and Electrification Pathways Program will increase our grid’s renewable capacity and improve its reliability and resiliency,” said the minister. “This means a cleaner, more reliable electricity supply for Canadians. This is how we get to net zero by 2050.”
The SREP will provide direct financial support to eligible renewable energy and grid-modernization projects during the construction phase. Projects must use market ready technologies and apply workplace equity, diversity, and inclusion components. The program can support projects under any of three streams: established renewables (such as solar photovoltaic, onshore wind, and small hydro), emerging technologies (such as geothermal and energy storage), and grid modernization (including micro-grids, virtual power plants, and hardware/software to enable grid services).
A portion of SREP funding will be reserved for Indigenous-led projects, which may qualify for higher levels of project support.
The federal government aims to use the SREP and other projects in conjunction with provinces and territories, utilities, Indigenous partners, and businesses and communities to deliver clean and reliable energy initiatives.